The association representing bankers in Canada says U.S. subsidiaries and branches represent half of all foreign bank assets in the country, despite false claims by U.S.
The association representing bankers in Canada says U.S. subsidiaries and branches represent half of all foreign bank assets in the country, despite false claims by U.S. President Donald Trump that American banks can't do business north of the border.
"There are 16 U.S. based bank subsidiaries and branches with around C$113 billion in assets currently operating in Canada," the Canadian Bankers Association said in a statement Monday.
"These banks specialize in a range of financial services, including corporate and commercial lending, treasury services, credit card products, investment banking and mortgage financing. They serve not only customers with cross-border business activities, but also Canada’s domestic retail market."
Trump had posted on his social media platform, Truth Social, Monday that "Canada doesn’t even allow U.S. banks to open or do business there."
The president's claims came hours before Prime Minister Justin Trudeau announced Monday that Trump's threat of U.S. tariffs on Canadian goods had been paused for 30 days while the two countries work together on what Trump called a "final economic deal."
Laurence Booth at the Rotman school of management at the University of Toronto said Trump was mistaken when it came to foreign banking in Canada.
Booth said Canada's federal Bank Act has for years...
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