Washington
CNN
–
On Monday, President Donald Trump has pause his planned tariff on the import of Canada. But at the beginning of that day, he added two new items to a long -listed list of inaccurate complaints about Canada.
In social media posts, a comment to an elliptical office reporter argued that Trump prohibit Canada’s Bank in the United States from starting or doing business there. In fact, in Canada, various famous US banks are being held for business. And in their same elliptical offices, Trump argued that Canada did not accept US agricultural products. In fact, Canada is one of the world’s largest buyers in American agricultural products, and is the first buyer in some of them.
This is the fact check.
Trump writes on social media on Monday morning: What is it? In the latter half of the day, Trump said with Prime Minister Justin Toldo’s complaint.
Trump said: “Canada is very tough. Canada is very -as you know, we are not well treated by Canada. We must be treated well. Bank is Do you believe that banks are not allowed to do business in Canada?
Trump’s claim is incorrect because four experts on Canadian bank regulations told CNN on Monday.
Christie Ford, a professor at the University of British Colombia University, said in an email, “There is nothing to prohibit the business here, where American banks from operating here are forbidden here.”
Canada strictly regulates the banking industry, and requires a variety of government approval before foreign banks are opened in Japan. However, US banks are operating in Canada for more than a century. “There are 16 bank subsidiaries and branches based in the United States, which are currently operated in Canada, which is currently operated in Canada, which is currently operated in Canada, as in Monday. The bank is about half of the banks.
Tyler Meredis, a former Economic and Finance Policy in Toldo, is a social media on a social media, Bank of America, Wells Fargo, City Group, US Bank, JP Morgan, and no -The last business in Canada. He said it was one of the US banks. You can see other people here and here.
“I am very careful about those who want to come to the banking department because the financial services are the core assets of Canada and Canadian economy,” said Meredis in an interview. The world was seen in the United States. “However, there are existing American, Chinese institutions, Japanese institutions, and European institutions, with permission to operate in Canada.
US banks can apply for a subsidiary in Canada, known as the “schedule II” entity. This is known as an “schedule III” entity.
When banks other than Canada establish a subsidiary of Canada, “The subsidiary is subject to the same regulation system and capital requirements as domestic ownership and banking banks,” said Blythe Ting, a professor at Calgary University Rouge School. I mentioned it. Email. “We have exactly the same authority and market access as Canada banks.”
Jeremy Cronic, the director of the Financial and Monetary Policy Center, a Sink tank at Toronto’s CD Howan in the Institute, explained by e -mail that the subsidiary options are drawn to from a foreign bank’s point of view. Their parents need their own local capital and liquidity structure. From a foreign bank’s point of view, this is clearly inefficient. ”
Most US banks operated in Canada have selected the “branch” options that do not impose the requirements of subsidiaries. However, branches have different restrictions. It is not allowed to accept deposits lower than the $ 150,000 CAD.
Of course, it means that they cannot do the retail business for the average Canadian citizens, but they are not very noticeable to the general public and a variety of profitability. You can engage in high activities. The Canadian Bank Association specializes in a variety of financial services, such as Corporate and Commercial Lending, Finance Services, Credit Card Products, Investment Bank, Mortgage Loan Finance, etc.
Kronick says: Both optional restrictions have hindered the complete competition with Canadian banks, but as Trump stated, “Canada is not allowed to open or do business there.” You can create a case. ”
In an elliptical office, Trump states about Canada: “We cannot use the United States for them. They don’t accept our agricultural products.” He added: ” “They have not taken our agricultural products. Our milk and dairy products.
This is wrong, even in Trump’s “most parts” and “they do a little” qualifying.
Canada is particularly restricted in foreign access to dairy products, but Canada is still one of the top export markets for dairy products and agricultural products in general. Canada purchased USA -agricultural exports worth $ 27.9 billion in FY2023, and became the third largest buyer in the world after China ($ 33.7 billion) and Mexico ($ 28.2 billion).
“Canada is consistently ranked into the top market market for agricultural exports and represents one of the most important and reliable trading partners,” said the US Ministry of Agriculture (USDA) on the website last year. I mentioned it.
In 2023, Canada, shown by USDA data, was the top export market for fresh fruits, fresh vegetables, ethanol, living animals, dogs and cat food and baked goods. The second largest export market of US dairy products, eggs and related products. The third largest export market of related products except US poultry and eggs. The fourth largest export market of US pork and related products. And the fifth largest export market of American beef and corn.
North American free trade agreements in the 1990s (revised by trade agreements during the first term of Trump), although almost all US Canada agricultural trade remained tariffs or allocation. There is always friction over a specific element of a specific element. Transaction relationship. The “supply management” system of Canadian protectionists has dominated the dairy industry, a source of stimuli for Trump and both American members of the United States for many years.
However, USDA states on the website as follows. “Canada is an important market for US dairy products after Mexico. From 2010 to 2021, the total dairy export from the United States to Canada adjusted inflation and $ 466.4 million in 2010 to 2021. Increased by 48 % to $ 691.5 million.
Anyway, it is certainly not true that Canada generally does not “take” US agricultural products.
