The Tampa Bay Times
As President Trump ponders reversing Obama-era changes to Cuba, a coalition supporting the diplomatic thaw says it could hurt jobs and cost U.S. businesses and taxpayers billions.
A report issued by Engage Cuba, which worked with travel groups, advocacy groups and academics, concludes a reversal could cost $6.6 billion over Trump’s first term.
Trump is considering changes, in part to make good on a campaign promises and at the urging of Florida Sen. Marco Rubio and Rep. Mario Diaz-Balart. But not everyone in his business-friendly administration feels a reversal is the right move.
From the report:
Our best estimate is that rolling back expanded travel will cost airlines $512 million annually, or almost $2 billion over four years, based on the average ticket fare.
Eliminating the additional 1.5 million commercial airline seats per year will also affect airline jobs. Labor costs account for roughly 35 percent of airline revenue, which means that an annual revenue loss of $512 million could cost up to 3,990 jobsin the airline industry.