Trump's New Restrictions On Financial Transactions, Trade And Travel To Cuba Go In Effect Thursday
The days of Americans legally staying at Ernest Hemingway’s Old Havana haunt, the Hotel Ambos Mundos, or making purchases at Havana’s only luxury shopping arcade, will be over under new regulations the Trump administration issued Wednesday as part of a crackdown on U.S. business and travel to Cuba.
Americans will be banned from doing business with 180 entities tied to the Cuban military, including hotels, stores, marinas, tourist agencies, industries and even two rum makers owned by the government. U.S. companies will be barred from investing in a sprawling economic development zone in Mariel that Cuba envisions as crucial to its commercial future.
The long-awaited rules will take effect Thursday. The regulations, intended to cut off cash to Cuban leader Raúl Castro’s government and tighten U.S. travel to the communist island, stem from a directive President Donald Trump signed in Miami in June that outlined his new policy. Trump has distanced himself from former President Barack Obama’s opening to Cuba, criticizing him for getting a “one-sided” deal.
“We have strengthened our Cuba policies to channel economic activity away from the Cuban military and to encourage the government to move toward greater political and economic freedom for the Cuban people,” Treasury Secretary Steve Mnuchin said in a statement.
Read more at our news partner, the Miami Herald.