US President Donald Trump appeared to mistake the Bank of Canada for a commercial bank while criticising Canada’s banking system and defending his tariffs on the country.
Speaking at an Oval Office event on Wednesday, Trump claimed Canada allows its banks to operate in the United States while blocking American banks from operating north of the border.
“They have their banks here, Bank of Canada, all of their big banks, big beautiful banks,” Trump said, according to CBC News.
“We don’t have our banks there. You know why? They don’t allow it.”
The Bank of Canada, however, is Canada’s central bank and a Crown corporation and does not offer everyday consumer banking services or operate retail branches in the United States.
Trump’s broader claim that American banks are not allowed to operate in Canada is also false, CBC reported.
Several US financial institutions have Canadian operations, including JPMorganChase and Citibank. Foreign-owned banks with Canadian subsidiaries operate under Canada’s Schedule 2 banking category.
Canada’s banking industry is dominated by six major domestic institutions: Royal Bank, Bank of Montreal, Scotiabank, CIBC, TD Bank and National Bank.
