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Trump says that banks in the United States cannot work in Canada. That is not true.

Trump says that banks in the United States cannot work in Canada. That is not true.

A2🇪🇸 Español → 🇺🇸 English

September 8th, 2026

Trump says that banks in the United States cannot work in Canada. That is not true.

A2
Please note: This article has been simplified for language learning purposes. Some context and nuance from the original text may have been modified or removed.

🇺🇸 English

President Donald Trump said on Wednesday that US banks cannot work in Canada.

El presidente Donald Trump dijo el miércoles que los bancos de EE. UU. no pueden trabajar en Canadá.

He said it in a meeting in the Oval Office.

Lo dijo en una reunión en el Despacho Oval.

US travel executives were there.

Allí estaban ejecutivos de viajes de EE. UU.

A reporter asked him a question. Were there plans to talk about trade again between the two countries?

Un periodista le preguntó si había planes para hablar de comercio otra vez entre los dos países.

Experts say that statement is not true.

Los expertos dicen que esa afirmación no es verdad.

Now there are 15 U.S. banks working in Canada.

Ahora hay 15 bancos de EE. UU. que trabajan en Canadá.

That is what the Canadian Bankers Association says.

Eso dice la Asociación de Banqueros Canadienses.

In contrast, eight Canadian banks work in the U.S.

En cambio, ocho bancos canadienses trabajan en EE. UU.

That is what the Federal Reserve says.

Eso dice la Reserva Federal.

Trump spoke about the Bank of Canada.

Trump habló del Banco de Canadá.

But that is the country's central bank, not a normal bank.

Pero ese es el banco central del país, no un banco normal.

Foreign banks can work in Canada in two ways.

Los bancos extranjeros pueden trabajar en Canadá de dos formas.

Schedule II subsidiaries follow the same rules as Canadian banks.

Las subsidiarias del Anexo II siguen las mismas reglas que los bancos canadienses.

Schedule III branches cannot take deposits under 150,000 Canadian dollars.

Las sucursales del Anexo III no pueden aceptar depósitos de menos de 150,000 dólares canadienses.

Most US banks choose this second option.

La mayoría de los bancos de EE. UU. eligen esta segunda opción.

Jeremy Kronick, an expert at the C.D. Howe Institute, said it.

Lo dijo Jeremy Kronick, experto del C.D. Howe Institute.

US banks in Canada have assets together of about 90.1 billion US dollars.

Los bancos de EE. UU. en Canadá tienen activos juntos de unos 90.1 mil millones de dólares estadounidenses.

Among them are J.P. Morgan Chase, Citibank, Bank of America, Capital One, and Wells Fargo.

Entre ellos están J.P. Morgan Chase, Citibank, Bank of America, Capital One y Wells Fargo.

James Thompson is a professor at the University of Waterloo. He said that Canada is a small market.

James Thompson, profesor de la Universidad de Waterloo, explicó que Canadá es un mercado pequeño.

It already has established banks.

Ya tiene bancos establecidos.

For a US bank, competing for normal customers would be expensive. It would not bring profits.

Para un banco de EE. UU., competir por clientes normales sería caro y no daría ganancias.

September 8th, 2026

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