USAPATRIOT Has Negative Effect on Trade

The conflict between economic concerns and security concerns are beginning to deepen. In the Cuban press, Juan Antonio Niño, president of the Latin American Federation of Banks (FELABAN), is quoted in US anti- terrorism regulations negatively affecting regional trade as saying:

"The impact of the [USAPATRIOT Act] on the [Latin American] region’s foreign trade and its banks is direct," ...

He explained that exports to US territory cannot be shipped from their point of origin without having an access code and the authorization of the US Customs Office.

This process has caused an increase in export costs in technology, storage, inspection, certification and security, "not to mention the risk of losing perishable goods," he added.

My guess is that these restrictions will be lessened once the impact on the earnings of large US firms and banks becomes apparent. Then provisions of the USAPATRIOT Act will be waived in the national interests (i.e. the banks and large companies).