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“Canada’s very tough, you know, Canada’s very you know we’re not treated well by Canada and we have to be treated well. [Talks about American banks not being allowed to do business in Canada] and it’s what we talked about and I think we’ll win most of the subjects but for some reason a lot of things have been very unfair with Canada …”
“… Domestic banks, led by the Royal Bank of Canada, dominate the Canadian market, but U.S. banks already have a presence in the country. For example, J.P. Morgan Chase & Co. employs 600 people with teams in Calgary, Montreal, Toronto and Vancouver, according to its website. Similarly, Citibank Inc. in 2019 celebrated 100 years in Canada.
U.S. banks are also members of the Canadian Bankers Association, which represents more than 60 banks.
The CBA said U.S. banks make up half of all foreign banking assets in Canada, with 16 subsidiaries and branches worth around $113 billion in assets. These banks provide financial services, such as corporate and commercial lending, treasury services, credit card products, investment banking and mortgage financing, it said.
… But analysts expect the trade war to hurt Canada more than the U.S., which has an economy that is about 10 times larger.
Analysts expect the trade war to push the Canadian economy into a recession, which could significantly impact the stocks of Canadian banks.“

Trump takes aim at Canada's banking sector as tariffs loom
Donald Trump is pushing to increase the presence of U.S. banks in Canada, a day before his proposed tariffs take effect. Find out more.