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The United States has imposed economic sanctions on multiple countries, such as France, United Kingdom and Japan since the 1800s. Some of the most famous economic sanctions in the history of the United States of America include the Boston Tea Party against the British Parliament, the Smoot-Hawley Tariff Act against its trading partners and the 2002 steel tariff against China. [1]
Economic sanctions or embargoes are commercial and financial penalties applied by states or institutions against states, groups, or individuals. [ 1 ] [ 2 ] Economic sanctions are a form of coercion that attempts to get an actor to change its behavior through disruption in economic exchange.
After the failure of the Embargo Act of 1807, the federal government of the United States took little interest in imposing embargoes and economic sanctions against foreign countries until the 20th century. United States trade policy was entirely a matter of economic policy. After World War I, interest revived.
The Ministry of Commerce maintains the "Unreliable Entity List", which heavily restricts allowable business and investment activity in China by listed entities. [2] The Taiwan Affairs Office implements sanctions against Taiwan and targets entities and individuals accused of promoting Taiwanese independence .
These actions resulted in embargo of imports from Ukraine to Russia. Lines of hundreds of trucks and railcars with Ukrainian goods began to form at the border checkpoints from Ukraine to Russia. [14] For example, on 15 August on one of the control points (Bryansk-Lgovskiy Station) about 1 000 cars with Ukrainian cargoes were suspended. [15]
On his first trip to Cuba during his third term in office, Brazilian President Luiz Inacio Lula da Silva called the embargo imposed by the United States on the island "illegal" and denounced the ...
The United States government applies economic sanctions against certain institutions and key members of the government of the People's Republic of China and its ruling Chinese Communist Party (CCP), certain companies linked to the People's Liberation Army (PLA), and other affiliates that the U.S. government has accused of aiding in human rights abuses.
The UNSC imposed stringent economic sanctions on Iraq by adopting and enforcing United Nations Security Council Resolution 661 in August 1990. [5] Resolution 661 banned all trade and financial resources with both Iraq and occupied Kuwait except for medicine and "in humanitarian circumstances" foodstuffs, the import of which was tightly ...