Trump Calls for Increased Access for US Banks to Canada After Phone Call With Trudeau
U.S. President Donald Trump said he spoke to Prime Minister Justin Trudeau on the morning of Feb. 3 and called for U.S. banks to have more access to the Canadian market.
Trump started his post by criticizing Canada’s banking sector, which he said is governed by rules making it harder for foreign banks to operate.
“Canada doesn’t even allow U.S. Banks to open or do business there. What’s that all about?” Trump said, signaling an intent to have Canada grant more access to U.S. financial institutions. While U.S. banks have limited involvement in personal banking in Canada, some of them do offer commercial and investment services.
Canada’s banking sector is mostly dominated by the “Big Six” banks, some of which like TD Bank have a sizeable market share in the United States.
Trump said in addition to the banking sector, there are “many such things” he sees as imbalanced between the countries, while adding “it’s also a DRUG WAR, and hundreds of thousands of people have died in the U.S. from drugs pouring through the Borders of Mexico and Canada.”
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Trump’s decision to impose 25 percent tariffs on Canada and Mexico over the weekend is linked to how the two countries deal with drug smuggling and illegal migration.
Trudeau responded by announcing $155 billion in retaliatory tariffs against the United States, with an initial $30 billion imposed on Feb. 4 when the U.S. tariffs kick in. An additional $125 billion in tariffs are scheduled to be imposed by Canada in late February.
This is a developing story, updates will follow.
