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National

U.S. sanctions take an unintended toll in Belize

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National

U.S. sanctions take an unintended toll in Belize

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COMING UP:U.S. sanctions take an unintended toll in Belize

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00:00:00
>>
NOISE] R
ther than this, increasingly the US taking on foes with an arsenal of economic sanctions. Reuters reporter, Yeganeh Torbati.>> US sanctions are now being used more often than the military as a way to advance US foreign policy.>> But just like military strikes, Reuters finding sanctions at times can inflict brutal collateral damage.
00:00:24
>> Especially when it comes to small countries that are in the US's orbit, the Caribbean, right on its doorstep where so much trade occurs with the United States. The collateral costs can be that a country's entire economy is affected.>> In a small country such as Belize, the unintended damage can be harsh.
00:00:43
>> So the United States maintains counter narcotics sanctions that are meant to cut off the drug trade that's really rampant in parts of Latin America Now in 2012, they accused prominent Belizean banana farmer, John Zabaneh of actually being an associate of a notorious drug lord based in Mexico.
00:01:01
And so they sanctioned him. His exports were cut off because foreign companies no longer wanted to do business with this individual. Belize's overall banana exports dropped because he could no longer sell his product. Bananas in general are a major export crop for Belize. So that contributes to an overall slowing down of the economy.
00:01:20
In this case, targeted sanctions against one businessman ended up costing a small central American country millions of dollars in hard currency earnings, fewer exports abroad and around 900 jobs.>> US officials say, even with their flaws, targeted sanctions are still a better option than broad-based boycotts such as the US embargo on Cuba which has stunted that country's development over decades.