Trump claims U.S. banks cannot operate in Canada despite their presence
U.S. President Donald Trump claimed that U.S. banks cannot operate in Canada, a statement that is false. Several U.S. banks, including JPMorganChase and Citibank, have been successfully operating in Canada for years. Canada's banking sector is dominated by six major domestic banks, making it challenging for foreign banks to compete. U.S. banks face regulatory hurdles and strong competition, which may discourage them from expanding significantly in Canada. The Canadian Bankers Association confirmed that 16 U.S.-based bank subsidiaries and branches currently operate in Canada, holding about $113 billion in assets. They provide various financial services to both cross-border and domestic customers.