While Cuban exiles in Florida—a key political constituency—have long backed the embargo, their support has waned enough in recent years that Obama managed to win the state despite promises to loosen the restrictions. So some U.S. experts say he could have been bolder: The embargo itself is relatively flexible, allowing the U.S. President to permit a broad range of nonfinancial companies to do business there, says Jake Colvin, a Cuba expert at the National Foreign Trade Council.

One open question is Obama's intentions. Was he simply fulfilling a campaign vow, or perhaps attempting to reduce the heat from the Latin American leaders he is scheduled to meet Apr. 17-19 at a regional summit in Trinidad & Tobago? Or was the move the start of a fuller opening? "We hope he will pursue a new policy based on engagement," says Bill Lane, Washington representative for Caterpillar (CAT), the construction machine-maker.

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