Trading with the Enemy Act

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Trading with the Enemy Act is a US law passed on October 6, 1917 at the time of President Woodrow Wilson that prohibits US citizens from doing business with companies owned by foreign nationals who belong to the United States belongs to political enemies of the United States .

Examples

During the First World War, the chemical company Bayer AG lost its US patent for ASS due to this law.

During World War II , the Trading with the Enemy Act prohibited trading with citizens of the Axis powers . In 1942, for example, shares in the Union Banking Corporation that Prescott Bush , the grandfather of former US President George W. Bush , held in the Union Banking Corporation were expropriated and compensated for because the bank had violated the Trading with the Enemy Act .

Currently, the trade ban only applies to Cuba . The trade sanctions against North Korea were lifted in August 2008.

See also

Web links

Individual evidence

  1. ^ The US Confiscated Half a Billion Dollars in Private Property During WWI
  2. ^ US to ease North Korea sanctions. In: BBC . June 26, 2008, accessed April 10, 2009 .