What’s the Deal with US Banks in Canada?
Donald Trump has been repeating claims that US banks are not allowed in Canada. Further, he has been repeating claims that Canadian banks are flooding the US market. To quote him directly:
“Canada doesn’t allow American Banks to do business in Canada, but their banks flood the American Market.”
So, what’s going on?
The Truth about US Banks in Canada
Lots of US banks operate in Canada – 79 to be exact. Here are a few you might be familiar with:
Amex
Bank of America
Capitalone
Citibank
US Bank
Wells Fargo
JP Morgan
PNC
Are Canadian Banks flooding the US Market?
One Canadian bank has had some success in the US Market. TD Bank (Toronto Dominion) is the 10th largest bank in the US, but they only represent 3% of the US banking market. Is a 3% interest really flooding the market or is something else going on here?
The Reason for False Statements About Canadian Banking?
Trump isn’t dumb. He knows his statements are demonstrably false. Why does he say these things anyway? He knows that if he repeats it enough times, many people will begin to believe it. He needs the American people to believe they’ve been treated unfairly by Canada in order to ensure support for his agenda against Canadian sovereignty. It’s that simple.
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