Shares of Royal Caribbean (RCL) - Get Report were falling Tuesday after President Donald Trump ordered the U.S. State Department to ban cruise ships from going to Cuba because of the country's support of Venezuelan President Nicolas Maduro.
This is a reversal from the Obama administration's softening stance toward the communist-controlled dictatorship just 90 miles off the coast of Florida.
The Trump administration also is ending exports of passenger and recreational boats and private and corporate aircraft to the country.
The administration first announced plans for the restrictions in April.
Treasury Secretary Steve Mnuchin said Tuesday that Cuba was playing a "destabilizing role in the Western Hemisphere, providing a communist foothold and propping up U.S. adversaries in places like Venezuela and Nicaragua by fomenting instability, undermining the rule of law and suppressing democratic process."