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Trump says that U.S. banks cannot work in Canada. That is not true.

B1🇪🇸 Español → 🇺🇸 English

September 8th, 2026

Trump says that U.S. banks cannot work in Canada. That is not true.

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 U.S. banks cannot operate in Canada.

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

He said this during a meeting in the Oval Office with U.S. travel executives.

Lo dijo durante una reunión en el Despacho Oval con ejecutivos de viajes de EE. UU.

A reporter asked him if there were plans to restart trade talks between the two countries.

Un periodista le preguntó si había planes para retomar las conversaciones comerciales entre los dos países.

Experts say that statement is not true.

Los expertos dicen que esa afirmación no es cierta.

Currently, 15 U.S. banks operate in Canada, according to the Canadian Bankers Association.

Actualmente hay 15 bancos de EE. UU. operando en Canadá, según la Asociación de Banqueros Canadienses.

In contrast, eight Canadian banks operate in the U.S., according to data from the Federal Reserve.

En cambio, ocho bancos canadienses operan en EE. UU., según datos de la Reserva Federal.

Trump mentioned the Bank of Canada, but that is the country's central bank, not a commercial bank.

Trump mencionó al Banco de Canadá, pero ese es el banco central del país, no un banco comercial.

Foreign banks can operate in Canada under two categories.

Los bancos extranjeros pueden operar en Canadá bajo dos categorías.

Schedule II subsidiaries follow the same rules as national banks.

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

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

Las sucursales del Anexo III no pueden aceptar depósitos menores a 150,000 dólares canadienses.

Most American banks choose this second option, said Jeremy Kronick, an expert at the C.D. Howe Institute.

La mayoría de los bancos estadounidenses eligen esta segunda opción, dijo Jeremy Kronick, experto del C.D. Howe Institute.

U.S. banks in Canada have combined assets of about 90.1 billion U.S. dollars.

Los bancos de EE. UU. en Canadá tienen activos combinados 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, a professor at the University of Waterloo, said Canada is a small market. It already has banks.

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

For a U.S. bank, competing for retail customers would be costly and not very profitable.

Para un banco estadounidense, competir por clientes minoristas sería costoso y poco rentable.

September 8th, 2026

The Lingo Times

Trump says that U.S. banks cannot work in Canada. That is not true.

Trump says that U.S. banks cannot work in Canada. That is not true.

🇺🇸 English

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