In 2015, the United States and Cuba re-established diplomatic relations, reopening embassies in each others capitals for
Question:
In 2015, the United States and Cuba re-established diplomatic relations, reopening embassies in each other’s capitals for the first time since 1961. Since the early 1960s, the United States has had an embargo in place on Cuba, virtually eliminating all trade between the two countries. With diplomatic relations restored, the Cuban government is seeking an end to this embargo and is urging the U.S. government to resume trade between the two countries. Suppose the United States decided to lift the embargo on exports to Cuba while maintaining the embargo on Cuban imports. Explain whether this one-sided change would benefit neither country, just one country, or both countries?
Step by Step Answer:
Both the United States and Cuba would see benefits from this action Co...View the full answer
Principles of Macroeconomics
ISBN: 978-0134078809
12th edition
Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster
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