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

He said this during a meeting with U.S. travel company leaders.

He was answering a question about possible new trade talks between the two countries.

Experts say this is not true.

U.S. banks have some limits in Canada, but they can enter the market.

The Canadian Bankers Association says 15 U.S. banks work there now.

These banks have about $90.1 billion U.S. dollars in total assets.

Eight Canadian banks work in the U.S., the Federal Reserve says.

Trump also called the "Bank of Canada" one of Canada's big banks.

That is wrong.

The Bank of Canada is the country's central bank.

It is like the U.S. Federal Reserve.

It is not a business bank.

Canada has three kinds of banks.

Foreign banks can work as Schedule II or Schedule III banks.

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

This limits their business with regular people.

Schedule II banks must keep separate money structures.

James Thompson is a finance professor at the University of Waterloo.

He said Canada is a small market.

He added that big Canadian banks make it costly for U.S. banks to compete for regular customers.