Trump activated a long-dormant clause in its trade war with Cuba — and it’s starting to hurt Canadian companies

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Sherritt International is suffering from a ratcheting up of U.S. restrictions on everything from financial transactions, to travel and shipping

Tougher U.S. sanctions on Cuba squeezed Sherritt International in the third quarter, disrupting the supply of diesel to its nickel mine on the island and casting doubt over the timing of key payments in foreign currency.

Meantime, the Trump administration’s attempts to unsettle business in the Communist run nation have stifled the flow of cash Cuba needs to pay Sherritt, which has taken pains to limit its direct exposure to American sanctions, including the recent activation of Title III of the Helms Burton Act. But that hasn’t sheltered Sherritt from a ratcheting up of the U.S. restrictions on everything from financial transactions, to travel and shipping.

“Each one of those implemented successively does impact Cuba’s ability to draw hard currency reserves into the country and puts more pressure on their liquidity situation and hence more pressure on their ability to service our receivables,” Pathe told investors. So far 20 lawsuits have been filed under Title III, according to John Kavulich, president of the U.S.-Cuba Trade and Economic Council Inc., a group that tracks Title III lawsuits. That’s a long way from the avalanche of claims many experts were expecting when Trump activated the provision, many of which were expected to affect Canadian companies.

 

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And that's why you shouldn't rely on other countries to control your economy. Blame Trudeau for doing nothing to fix it

The US is our friend US IS ME, ME, ME and takes no friends !!!

With Trudeau at the helm and the amount of Canadian tourists to Cuba, we may as well just make them the 11th province already... gaps in our political differences are rapidly closing. Will survey some Cubans this weekend...

We need to be realistic and protect the values. Let's see what would Harper do?

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