U.S. President Donald Trump suggested that the Bank of Canada, at an Oval Office event with travel executives, was a commercial bank with branches in the U.S., rather than a Crown corporation exclusive to Canada. Trump reiterated his rationale for imposing tariffs on Canada, alleging that the country exploits the U.S. economically.

During a press briefing, Trump claimed that American banks are restricted from operating in Canada, pointing to the presence of the “Bank of Canada” and several other major Canadian banks as examples. Contrary to his statement, the Bank of Canada is a Crown corporation responsible for overseeing federal banking services, not a commercial bank for public transactions.

Trump’s assertion that U.S. banks are prohibited from operating in Canada has been previously debunked. In reality, numerous U.S. financial institutions, categorized as foreign-owned banks with Canadian subsidiaries, operate in Canada. These include prominent names like JPMorganChase and Citibank, which have established a significant presence in the country over the years.

The Big Six Canadian banks, including Royal Bank, Bank of Montreal, Scotiabank, CIBC, TD Bank, and National Bank, dominate the Canadian banking landscape. These institutions fall under the Schedule 1 category, mandating Canadian ownership and deposit-taking capabilities. Any American bank seeking to acquire a major Canadian bank would encounter stringent regulations and ownership restrictions.