Wyden Requests ITC Report on Economic Impact of U.S. Embargo Against Cuba
Outgoing Senate Finance Committee Chairman Ron Wyden (D-Ore.) has sent a letter to the International Trade Commission requesting a report by Sept. 15, 2015, analyzing the economic effect on exports of U.S. goods and services, including digitally traded goods and services, of statutory and administrative restrictions related to trade with and travel to Cuba by U.S. citizens. To the extent possible, Sen. Wyden is requesting that the report include the following:
- an overview of Cuba’s imports of goods and services from 2005 to the present, including identification of major supplying countries, products and market segments;
- a description of how U.S. restrictions on trade, including those relating to export financing terms and travel to Cuba by U.S. citizens, affect Cuban imports of U.S. goods and services; and
- for sectors where the impact is likely to be significant, a qualitative and quantitative estimate of U.S. exports of goods and services to Cuba in the event that statutory, regulatory or other trade restrictions on U.S. exports of goods and services as well as travel to Cuba by U.S. citizens are lifted.
The report should also include, to the extent possible, state-specific analysis of the impacts described above.
Sen. Wyden indicates in a press release that this report “will provide a foundation for re-evaluating the current U.S. economic relationship with Cuba.” While President Obama took broad-ranging steps this week to ease trade and other restrictions on Cuba, the general U.S. embargo remains in place and can only be rescinded by an act of Congress.