President Obama announced the re-establishment of diplomatic ties with Cuba and an easing of economic and travel restrictions.

The president called it the "most significant changes in US policy toward Cuba in 50 years.

"Through these changes, we intend to create more opportunties for the American and Cuban people and begin a new chapter among the nations of the Americas," said the President this morning.

This move follows the release of two Americans who had been in custody in Cuba. And the release of three Cubans by the United States.

For more on what this could mean, we're joined by Edwin Smith, professor of Law, political science and International Relations at USC's Gould School .