Trump questions fairness of Canada’s dealings with American banks

President Donald Trump walks before talking with reporters before boarding Marine One on the South Lawn of the White House in Washington, Friday, Feb. 28, 2025. (AP Photo/Ben Curtis)

WASHINGTON — U.S. President Donald Trump claimed on Tuesday that U.S. banks are not allowed to do business in Canada, while their banks operate in the U.S.

“Canada doesn’t allow American Banks to do business in Canada, but their banks flood the American Market. Oh, that seems fair to me, doesn’t it?,” Trump said in a post on Truth Social.

Sixteen U.S. banks are currently operating in Canada, the Canadian Banking Association said in February.

“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. U.S. banks now make up half of all foreign bank assets in Canada,” the association said.

(Reporting by Katharine Jackson and David Ljunggren; Editing by Chizu Nomiyama)