Stepping up pressure on Cuba, the Trump administration will allow lawsuits against foreign companies doing business in properties seized from Americans after the island’s 1959 revolution, a senior administration official said.
The Habana Libre Hotel, formerly the Havana Hilton, in Cuba. President Donald Trump could activate sanctions under Title III of the Helms-Burton Act in Cuba in March.Stepping up pressure on Cuba, the Trump administration will allow lawsuits against foreign companies doing business in properties seized from Americans after the island’s 1959 revolution, a senior administration official said Tuesday.
Canada, France, Spain, Great Britain and other countries with large investments in Cuba have ferociously protested the law and threatened to sue in the World Trade Organization if Washington tries to interfere with the business ties between Cuba and another sovereign nation. U.S. airlines and cruise lines that bring hundreds of thousands of travelers to Cuba each year appear to be exempted.
Foreign investment in Cuba increased slightly in recent years, but it remains far below the levels needed to recapitalize the island’s dilapidated, often collapsing infrastructure. The Trump administration’s decision is not expected to drive out major foreign players like Pernod-Ricard of France, which makes Havana Club rum, or Spanish hotel chains Melia or Iberostar, but it could prove a major obstacle to new investment from foreign companies.
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