President Trump is changing the U.S. policy toward Cuba.

A summary of key policy changes:

The Treasury and Commerce Departments are to begin the process of issuing new regulations within 30 days. The policy changes will not take effect until those departments have finalized their new regulations, which take several months.

Trump wants to achieve four objectives with the policy changes:

The announcement was expected, as the Trump administration earlier this week indicated it was going to follow through on a campaign promise to roll back the loosening of trade restrictions with Cuba that began under the Obama administration. 

The U.S. Grains Council said the administration's actions will make it more difficult to trade with Cuba, but it will continue its efforts.

“In the first eight months of this marketing year, Cuba purchased more than 250,000 metric tons (9.8 million bushels) of corn from the United States, about 30% of their total demand," said CEO Tom Sleight.

“Cuba has historically been a 900,000 metric ton (35.4 million bushel) corn market; based on recent export sales, it would be our 11th largest customer if we could capture that demand," he said. "Free flow of grain to Cuba could also help us capture sales to the Dominican Republic and even Puerto Rico, an estimated $315 million in lost demand each year."

“In the past two years, our work in Cuba and with Cuban grain buyers has shown us that the only hindrance to progress there is U.S. policy," Sleight said.

“We urge the administration to exercise caution in rolling out any new restrictions on doing business with Cuba that would limit our agricultural export opportunities," said American Farm Bureau Federation president Zippy Duvall. "We should be doing more, not less, to encourage U.S. agricultural exports to Cuba. Our farmers and ranchers and the Cuban people would benefit from increased sales of high-quality, American-grown food and feed."

Source: White House, U.S. Grains Council, AFBF