Trump's Cuba decision gives pause to U.S. companies doing business there

What Trump actually changed with Cuba

President Trump said he’s “canceling” Obama’s deal with Cuba. nevertheless which agreement was not bad for a lot of American businesses.

Many U.S. firms have welcomed the opening of a fresh market roughly 100 miles coming from the U.S. coast.

right now, Trump wants strict enforcement of the tourism ban in addition to will prohibit commerce with Cuban businesses which are owned by military in addition to intelligence services.

which could hit travel in addition to construction companies, which have began to build a presence in Cuba. in addition to many are speaking out.

On Friday, the U.S. Chamber of Commerce decried the adjustments.

“U.S. private sector engagement can be a positive force for the kind of change we all wish to see in Cuba,” Myron Brilliant, the chamber’s head of international affairs, said in a statement. “Unfortunately, today’s moves actually limit the possibility for positive change on the island in addition to risk ceding growth opportunities to some other countries which, frankly, may not share America’s interest in a free in addition to democratic Cuba.”

Secretary of State Rex Tillerson said Cuba’s inaction on human rights is actually a big reason for the policy shift.

Caterpillar (CAT), which has long called for the U.S. government to end the trade embargo, also weighed in.

The maker of heavy equipment has been working to reenter the Cuban market since the Obama administration announced which the item would certainly reestablish diplomatic relations in 2014.

“Caterpillar believes which engagement with Cuba continues to represent a strong opportunity — not just for American businesses, nevertheless to serve as a powerful tool for change,” the company said in a statement. “We will continue to work closely with policymakers on the best way to accomplish these goals.”

Related: Google launches servers in Cuba to speed up YouTube in addition to search

Many companies within the hospitality industry have already doubled down on development projects, leaving them particularly exposed to the decision.

Airbnb said the item plans to speak with the Trump administration in addition to with Congress within the coming weeks. The startup said the item has hosted 560,000 guests in Cuba since April 2015.

“Travel coming from the U.S. to Cuba is actually an important way to encourage people-to-people diplomacy,” the company said in a statement. “While we are reviewing what This kind of policy could mean just for This kind of type of travel, we appreciate which the policy appears to allow us to continue to support Airbnb hosts in Cuba who have welcomed travelers coming from around the planet.”

Marriott (MAR) noted which the company has invested significant resources to shore up its Cuba operation, with one hotel open in addition to another within the works. the item said the effect of Trump’s order may depend on “forthcoming regulations.”

“We continue to believe which increased travel between the United States in addition to Cuba would certainly serve to strengthen an evolving bilateral relationship, in addition to Marriott remains ready to build on the progress which has been made within the last two years,” the company said.

American Airlines (AAL) said the item’s urging customers planning trips to Cuba to closely watch for updates coming from the U.S. government.

“As a global airline, American is actually committed to continuing to operate service to Cuba,” the company said. “We are reviewing the executive order to understand any potential impacts to our customers or our current service.”

The carrier has 10 flights coming from the U.S. to Cuba every day, according to data coming from the Official Airline Guide.

sy88pgw (fresh York) First published June 16, 2017: 7:03 PM ET

Trump's Cuba decision gives pause to U.S. companies doing business there

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