In a commentary published in the Daily Business Review, partners Brendan Aloysius Barryand Aliette D. Rodz discuss the negative effect President Trump’s rollback of Obama Cuban policies means for businesses in South Florida.
According to a study by Engage Cuba, rolling back the Obama-era U.S. policy on Cuba would cost U.S. businesses and taxpayers up to $6.6 billion over the next four years and airlines would lose $512 million annually. “There is too much momentum and investment of both financial and intellectual capital for companies to simply abandon Cuba altogether,” said Aliette and Brendan. The new regulations will force a rethinking of how the growing hospitality sector will do business. Unless, Cuba reacts quickly and allows for a more direct employment and payment of its people by foreign enterprise, which may positively impact their economy and people.