US President Donald Trump has signed an executive order paving the way for tariffs to be imposed on goods from countries providing oil to Cuba, citing the island nation's alleged ties to hostile powers such as Russia, Hamas, and Hezbollah.
The move represents a significant escalation in US pressure on the communist government, which has been facing severe economic sanctions since the arrest of Venezuelan President NicolΓ‘s Maduro and his wife earlier this year. The two were whisked away to New York to face federal drug-trafficking charges under US pressure.
The executive order declares a national emergency, allowing the US secretaries of state and commerce to assess tariffs against countries that sell or provide oil to Cuba. However, it does not specify what tariff rates would be imposed on violating its new policy.
Cuba's economy is heavily reliant on imports, with an $85 billion GDP that is roughly comparable to that of Rhode Island. The island nation has struggled to cope with limited oil supplies, having only 15-20 days' worth in inventory, according to a report from the Financial Times.
Tourist visits have plummeted in recent months as a result of the economic turmoil and Trump's efforts to topple the communist government. Cuba's ruling Communist Party has been in power for six decades.
The move comes after weeks of pressure on Mexico, which has been a major oil supplier to Cuba, providing 20,000 barrels per day. Mexican President Claudia Sheinbaum has insisted that her country will continue to provide humanitarian aid, despite pausing oil shipments temporarily.
Despite this, the US has set its sights on imposing tariffs on goods from countries providing oil to Cuba, citing national security and foreign policy concerns. The White House claims that these actions constitute an "unusual and extraordinary threat" to US interests, requiring immediate response.
The move represents a significant escalation in US pressure on the communist government, which has been facing severe economic sanctions since the arrest of Venezuelan President NicolΓ‘s Maduro and his wife earlier this year. The two were whisked away to New York to face federal drug-trafficking charges under US pressure.
The executive order declares a national emergency, allowing the US secretaries of state and commerce to assess tariffs against countries that sell or provide oil to Cuba. However, it does not specify what tariff rates would be imposed on violating its new policy.
Cuba's economy is heavily reliant on imports, with an $85 billion GDP that is roughly comparable to that of Rhode Island. The island nation has struggled to cope with limited oil supplies, having only 15-20 days' worth in inventory, according to a report from the Financial Times.
Tourist visits have plummeted in recent months as a result of the economic turmoil and Trump's efforts to topple the communist government. Cuba's ruling Communist Party has been in power for six decades.
The move comes after weeks of pressure on Mexico, which has been a major oil supplier to Cuba, providing 20,000 barrels per day. Mexican President Claudia Sheinbaum has insisted that her country will continue to provide humanitarian aid, despite pausing oil shipments temporarily.
Despite this, the US has set its sights on imposing tariffs on goods from countries providing oil to Cuba, citing national security and foreign policy concerns. The White House claims that these actions constitute an "unusual and extraordinary threat" to US interests, requiring immediate response.