President Trump has expressed frustration over Canadian banking restrictions that restrict American banks from entering the market, even as Canadian banks operate freely in the U.S. Despite this being a lesser-discussed topic among banking executives, Trump feels strongly about the imbalance, believing that Canada’s Big Six banks dominate the sector. U.S. banks can only operate in Canada under strict regulations or partnerships, limiting their ability to compete. These restrictions include the necessity to maintain considerable reserves, placing further limitations on their market entry options.
President Trump has raised the issue of U.S. banks being unable to operate freely in Canada, citing perceived unfairness as Canadian banks dominate the U.S. market.
The American banking industry faces significant barriers to entry in Canada, including the need for a local middleman or special government permission to establish a presence.
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