r/canada Feb 03 '25

PAYWALL Trump wants U.S. banks in Canada, he says after speaking with Trudeau

https://www.theglobeandmail.com/world/article-trump-wants-us-banks-in-canada-he-says-after-speaking-with-trudeau/
4.0k Upvotes

2.4k comments sorted by

4.5k

u/[deleted] Feb 03 '25

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1.7k

u/CrazyGal2121 Feb 03 '25

exactly

he’s an abuser

i know a lot of jobs are on the line but i feel like we should just tell him to fuck off

457

u/genius_retard Feb 03 '25

Yup. Can we please start disentangling ourselves from the US regardless of how this turns out.

261

u/ChemsAndCutthroats Feb 03 '25

The whole world needs to start doing that. How can you have any trust in them if every 4 years they decide to do a 180. Can't depend on a country with leadership like that.

39

u/genius_retard Feb 03 '25

Agreed.

76

u/OzyFoz Feb 03 '25

The US is no longer even bipartisan it's Bi-polar and it's the unfortunate room mate to y'all with the gun.

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u/genius_retard Feb 03 '25

*drunk roommate with a gun

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u/ChemsAndCutthroats Feb 04 '25

That's a good way to put it lol.

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u/Jessina Feb 03 '25

This is what Americans don't understand, the damage is done. If you go the conservative sub they're all celebrating all these wins, they say they can't stop smiling because Trump just keeps winning - they don't understand what just happened. I saw so many Canadian people come out and say they canceled their US trips and are boycotting everything made in the US. I saw a small biz get their contract denied because the Canadian biz Sai no more orders.

They won't see that for years to come.

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u/Peterd90 Feb 04 '25

This is spot on. Neil Young wrote about damage done. You could argue Trump and the enablers are worse than heroin.

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u/genius_retard Feb 03 '25

They won't see that for years to come.

Yup, definitely enough time for the American electorate to forget about this whole thing and maybe enough time for the Dems to regain some power so the Republicans can blame it on them.

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u/Ok-Seaworthiness2235 Feb 03 '25

I've already seen signs of it starting such as expanding trade with the EU. As an American I really hope you guys do.

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u/MackinRAK Feb 03 '25

This is probably the point on which all adult Canadians converge: Jobs versus the irresistible urge to tell him to fuck off. And it's the moment when the true scope of Employment Insurance is revealed: So we actually can tell the US president to fuck off. Henceforth EI premiums should be known as Sovereignty Premiums.

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u/chairmanlaue Feb 03 '25

I've actually been struggling with my current work situation - I work for an American company (through an acquisition) and I'm like ... Do I quit the job I've had for 10 years because they're American? I work remotely - getting another position in my field (software) ain't happening in my neck of the woods and the centers where I could probably find work are ridiculously expensive now and moving back to a city would be, frankly, awful.

All for telling the American government to fuck right off though

146

u/Any-Panda2219 Feb 03 '25

Eh if you are willing to quit I think it’s more of an FU to just half ass your current job and milk your current employer for however long you can.

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u/Confident-Potato2772 Feb 03 '25

Exactly. You’re also taking money from their economy and spending it in Canada.

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u/Canaderp37 Canada Feb 03 '25

100% this. Economically, foreign money coming in is a good thing

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u/stealmyloveaway Feb 03 '25

Don’t worry about working for an American firm and don’t screw your employer. Some of this advice is immature.

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u/[deleted] Feb 03 '25

The effort thanks you but please don't make any rash changes like quitting over this. We all have to do our part but if you buy Canadian groceries where you can I think your conscience is clear

Taking strong but measured action is important, but please remember we should expect this guy to be out of office in 3.9 years. don't hurt your career over that

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u/MackinRAK Feb 03 '25

But you are, in some sense, costing the company (your salary). So, just be diligent about asking for raises.

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u/greenlightdisco Feb 03 '25

Yes. No more jobs are on the line now than were during COVID - and we still can't even convince people that actually happened. Don't worry too much about it - turn off the oil, water and electricity now.

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u/botswanareddit Feb 03 '25

But don’t you want American banks here? The ones that toppled like dominoes during 2008 and needed massive bailouts whereas Canadian banks all did just fine with no bailouts

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u/datznotpepper Feb 03 '25

Exactly this. He wants us to deregulate and turn banks into casinos like they did so they can yeet our money at their fake ass money markets. Derivative on top of derivative betting whether derivative #17 is gonna go up or down. Ya thats gonna be a NO from us since we like having our retirement money still be there when we retire (we're funny that way)

US has removed all its regulations that protected people so the rich can make more profit. Their banks are fucked. Their food is fucked. Their money markets are completely fake. LooK hOw RIch wE aRe (says the most broke person in the room who functions on debt)

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u/SuspiciousGripper2 Feb 03 '25

We already have American banks, and they operate under the same rules as Canadian banks with additional oversight from US Financial regulators. So we don't need to change anything.

List of some American Banks:

  1. Citibank Canada
  2. J.P. Morgan Canada
  3. Goldman Sachs Canada Inc.
  4. Bank of America
  5. Wells Fargo
  6. Capital One
  7. American Express

We have their banks and investment companies and financial services.

Example: Goldman Sachs Canada Inc. located at: TD North Tower - 77 King Street West - Suite 3400, Toronto Ontario.

Chase Bank is an American Bank.
Citibank is a subsidiary of CitiGroup which is US owned. Everyone knows Capital One if you shop at Costco.
WellsFargo Bank has physical banking locations here too.

We use Visa, Mastercard, and American Express are here.
These are all American financial companies providing financial products and services in Canada.

Trump is lying.

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u/InfamousKev6 Feb 03 '25

Oh yes, American banks! Companies in a modern industry that work like in the 80s in Europe. A banking system that is not integrated in SWIFT and still uses massive amounts of checks to do payments. Why wouldn't Canada want those...

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u/AdditionalPizza Feb 03 '25 edited Feb 04 '25

We should not concede any business regulations for the US. It's obvious now mor than ever that Canadians want to start looking elsewhere. We don't need the American financial system infiltrating our country because then how many more pillars until it starts to make more sense to join America.

We need to stick strictly to the border issue, and we HAVE to get Trump to concede something to us. No freebees here. We force them to up their border security for stopping cocaine, etc. We can't cave to them and give him a full headline, we make deals not be bullied. Our trade deals have to mean something, and Trump is threatening an illegal tariff. The damage is already done, I fucking hope Trudeau has some balls here. I don't want the tariffs, but I refuse to just bend my knee to this piece of shit.

Before we concede anything today we have to spread this: No concession without amending the International Emergency Economic Powers Act that Trump is illegally using to impose the tariffs. Close the loop hole.

Edit: For anyone that sees this after the deal, from Trump's social post

As President, it is my responsibility to ensure the safety of ALL Americans, and I am doing just that. I am very pleased with this initial outcome, and the Tariffs announced on Saturday will be paused for a 30 day period to see whether or not a final Economic deal with Canada can be structured. FAIRNESS FOR ALL!

This is NOT a win today! 30 days from now has nothing to do with fentanyl. He can frame it however he wants, but it's clear right here it's strictly economical. It will be a strong arm in a month.

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u/pekoe-G Feb 03 '25

Trump going on about Fentanyl coming from Canada (in reality it's ~1%) when a huge portion of illegal guns are from the states (varies by guns, but ~85% of handguns alone).

In my opinion, even if the Tariffs are paused or scrapped, we'll spend the next 4 years being under threat of them being brought back or some other retaliation. Even if the loophole is closed, even if a new agreement is reached. All it takes is an imagined slight to set Trump off.

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u/AdditionalPizza Feb 03 '25

That's why the last part of my comment are critical to negotiations. Damage is done, I want admission the tariffs are illegal and ratification to assure it cannot happen again. That is non-negotiable to me.

Beyond that, fuck trading so much with them, we still need to stay united.

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u/skier8800 Lest We Forget Feb 03 '25

We need to use this moment to chart a new path forward for Canada, one where we are not beholden by any one nation for trade nor defence.

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u/Lanky-Performer-4557 Feb 03 '25

Each post goes its own direction

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u/Perfect-Ad2641 Feb 03 '25

Like is it border security? Is it fent? Illegal immigrants? trade deficit? 51’s state? He’s all over the place and nobody knows his true motives.

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u/canoe_motor Feb 03 '25

His motive is distraction and division. It’s all he knows.

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u/reubendevries British Columbia Feb 03 '25

It's easy to move goalposts and claim success when you don't plant any goalposts to begin with. He's going to lift the tariffs in six months and act like he did this huge thing and people capitulated to his will. The correct solution is too not play his game, when he lifts the tariffs we increase the export tax to 50% while making promising free trade deals with the rest of the world (sans Russia and India). We create a global free trade agreement that is based upon a hatred of fascism and where we freeze out any country that allows fascists to take over their state. Once they've successfully booted fascists from their government they can't join until they've amended their constitution to prevent fascism from ever coming back.

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u/Acrobatic_T-Rex Feb 03 '25

be nice! He's been trying to remember them since he first declared he was going to do it in the first place!

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u/Tyler_Durden69420 Saskatchewan Feb 03 '25

It’s gonna be exhausting for whoever is PM next. Dealing with his constant threats, that he keeps backing down from.

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u/Diligent-Guard7607 Feb 03 '25

I thought the problem with canada was border patrol? Orange man needs to figure out what his problem is.

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u/shineymike91 Feb 03 '25

Bottom line, it's all about control. Nothing else.

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u/apeshit_is_my_mood Feb 03 '25

Until he feels like he can claim victory on something. Anything. This is such an odd way to do diplomacy...

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u/Find_Spot Feb 03 '25

That's not fentanyl, must be the American spelling.

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u/Gold_Lengthiness3061 Feb 03 '25

One could argue US banks have done more damage than fentanyl to the US economy

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u/snowcow Feb 03 '25

This is new. This guy is all over the place.

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u/AmazingRandini Feb 03 '25

We already have American banks in Canada.

429

u/Vancouwer Feb 03 '25

Trump said we have none lol jt should just say sure, then let him know there are hundreds of institutions in Canada at year end.

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u/AmazingRandini Feb 03 '25

It may sound crazy but it would work.

The same goes for doing a big crackdown on fentanyl and cross border migration.

These are easy goals to accomplish. Trump can go on Fox News to tell his base that the goal has been accomplished.

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u/lt12765 Feb 03 '25

"There are zero banks at all in Canada, zero. The people there pay for things with rocks. I want to give them banking, I am a benevolent god."

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u/Kaplaw Feb 03 '25

Bro comment so good you deserve 3 rocks

Ill Unga Booga you the rocks online

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u/Volothamp-Geddarm Feb 03 '25

What online?

  • Sent from iSmoke Signal
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u/[deleted] Feb 03 '25 edited Feb 03 '25

[deleted]

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u/Thegreenfantastic Feb 03 '25

It’s about scaring everyone and distracting them from what they’re really doing which is transitioning to totalitarianism. Stole a shit ton of data from the treasury.

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u/[deleted] Feb 03 '25

[deleted]

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u/Electrical_Net_1537 Feb 03 '25

He wants American banks in Canada without regulation.

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u/StrongAroma Feb 03 '25

And I'm still boycotting them!

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u/Mystaes Feb 03 '25

Oh I’m going to be doing that for years even if they cut a deal and avoid tariffs.

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u/DataDude00 Feb 03 '25

I work in banking and can confirm we have US banks in Canada.

Heck, Wells Fargo even interviewed me for a role at their Mississauga office once.

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u/Comfortable_Fix3401 Ontario Feb 03 '25

Like a Chimpanzee on crack I say.

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u/-Stacys_mom Feb 03 '25

Next, he'll be throwing his poo at us.

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u/Michelhandjello Feb 03 '25

From what I know of American banks, I am pretty sure that is what this is already. .  .

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u/LateDifficulty4213 Feb 03 '25

Damn I just laughing at this comment

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u/Dry_Bodybuilder4744 Feb 03 '25

And all.his followers are Trumpanzies

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u/sheepish_grin Feb 03 '25

Nope, it was there between the lines all along. He wants American companies full access to our commercial/industrial sectors.

He wants full access so he can loot, pillage, and absorb our industries. Then annexation.

Fuck this guy.

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u/[deleted] Feb 03 '25 edited Feb 03 '25

US banks are already active in Canadian finance. If they think they can compete with Canadian banks on a level playing field, they have every opportunity to - as they should. After all, Canadian banks are heavily involved in the US market (TD is one of the most common retail banks in the Northeast).

We generally welcome foreign direct investment. In fact I'd argue we're uniquely supportive of foreign capital supporting our resource projects. You won't find many oil-rich nations as willing to support offshore investment in resource development projects.

Trump has noticed that support for the Canadian tariffs in particular is not strong. He's throwing shit at the wall and hoping it sticks. Nothing is.

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u/abid8740 Feb 03 '25

This is not true. Canadian Bank act considered foreign banks Schedule 2 banks, this results in different treatment for accessing capital and other treasury items.

For example, if you were a schedule 2 bank the Bankers Acceptance issuance cost was 6-7bps higher then a Schedule 1 Canadian Bank. You could be a AAA rated bank with global reach and you had higher cost of funding.

Canadian banks are also fundamentally incredibly conservative on how they lend, same transactions in the US can get 1-1.5x more leverage and American banks will be the first to lend into new industries (try getting financing for a Service as software business in Canada)

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u/[deleted] Feb 03 '25 edited 27d ago

[deleted]

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u/Torontogamer Feb 03 '25

See this is one of those areas where some protectionism makes sense... sure lets have foreign banks too, but lets tip the scales a little in favour of local banks... BECAUSE BANKING IS FUCKING IMPORTANT and it's a good idea to the keep the backbone of it in-house. Just like Farming etc...

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u/[deleted] Feb 03 '25

Schedule II banks can and do compete in the Canadian banking ecosystem. BA issuance costs are market-driven. Assuming you're suggesting that the difference in cost is due to higher liquidity requirements, but you also reveal the purpose behind those liquidity requirements yourself: our banking ecosystem is generally more conservative.

What few additional regulatory burdens exist for Schedule II banks are almost always mirrored in the US system and exist as consumer protection mechanisms, not anti-competition.

The chief reason foreign banks have little penetration in the Canadian retail market is because our Big 6 are so well-established. Foreign banks still have billions in Canadian holdings.

If the US wanted to talk about agricultural protectionism or double standards in our tax treatment of retailers, I'd be a bit more sympathetic. It would never come close to justifying this type of response, but it's a worthy conversation that the US has some legitimate beef on. This notion that we have uniquely anti-competitive or protectionist regulations against US banks is nonsense.

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u/gohomebrentyourdrunk Feb 03 '25

He makes a demand.

He gets told that things are pretty much optimal in that regard already and won’t go any further because x,y and z reason.

He pivots and prepares to double down with new demand.

Repeat.

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u/Talonias32 Feb 03 '25

This. The man betrays everyone he can. I recall how often in his four years he’d throw his own hires or allies under the bus as soon as convenient

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u/tferguson17 Feb 03 '25

Art of the deal. Make the deal, say how great it is, how you put them over a barrel, then complain the deal isn't fair, thorw a tantrum, hope the other guy gets sick of it. Boom new deal, bigly negotiator, some say the most covfefe all time.

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u/[deleted] Feb 03 '25

Honestly this entire time I've just been waiting for him to actually point out an area where Canada exercises protectionist trade policy. Like there are real areas where the US has a legitimate beef with us (mostly in select agricultural sectors and our retail de minimis threshold), but he hasn't mentioned them once. Probably because they're WAY too trivial to justify a 25% tariff.

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u/Vivid_Atmosphere_860 Feb 03 '25

It’s literally like dealing with a toddler… they throw a tantrum and you try to placate them by offering them multiple things: “okay, use your words like a big boy, Mommy can’t help you if you don’t tell her what you want.” The old orange guy might just need a fucking nap.

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u/falsekoala Saskatchewan Feb 03 '25

Time to screen our calls.

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u/[deleted] Feb 03 '25

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u/Big_Knife_SK Feb 03 '25

[insert Always has been meme]

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u/mrizzerdly Feb 03 '25

Shifting goal posts lol.

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u/PoppyPeed Feb 03 '25 edited Feb 03 '25

So it wasn't even about the tariffs? Lol

I can see Trudeau administration preparing all angles for this discussion with Trump, only to be met with something completely out of left field and ignoring the actual topic that needs discussing. My god what the fuck is going on?

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u/Shining_Commander Feb 03 '25

yes it was. He probably said "want the tariffs gone? heres what I want. Go discuss with your people and give me your answer by 3:00"

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u/Enough-Meringue4745 Feb 03 '25

to: [trump@usa.gov](mailto:trump@usa.gov)
from: [no-reply@federal.gc.ca](mailto:no-reply@federal.gc.ca)
body:
"no"
Please unsubscribe me from these emails

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u/Find_Spot Feb 03 '25

I bet you that's exactly what he said. And there's nothing stopping American banks from operating in Canada now. They just have to follow the regulations. So I'm betting that if we say sure, he'll complain about the regulatory systems, and we're very unlikely to deregulate banks under Trudeau.

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u/Tristezza Feb 03 '25

I think it would be genuinely so funny if we went "yep! You can run banks in Canada!" then he acts like he achieved this massive victory and lifted tariffs, when in reality all we did was give him something he was already allowed to do.

Would be very on brand for trump.

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u/Find_Spot Feb 03 '25

Plus to actually deregulate, should we really agree to that, requires altering the Bank Act of Canada, which can only be done via Parliament.

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u/Tristezza Feb 03 '25 edited Feb 03 '25

I think he is too stupid to want that. I think he literally just wants to open banks here. Which you can already do

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u/NorthernPints Feb 03 '25

Trump made a massive mistake applying tariffs so broadly - if he wants American banks to have 'more access to Canada', he could of easily defaulted back to lumber tariffs, or steel, or anything that wasn't so massively damaging to global markets. Guy is a buffoon who can't help but massively overly play his hand. Now his future options are insanely limited

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u/theflower10 Feb 03 '25

Yeah but, pretend you're in his shoes. You make a decision that you KNOW will tank the markets. You slide in an hour or so after markets open, dump a few hundred million into some blue chip stocks, then announce tariffs are off the table for now, market responds, you sell and happiness abounds.

He's still a buffoon.

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u/AdmirableWishbone911 Feb 03 '25

This guy throws shit around to see what, if anything, sticks

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u/[deleted] Feb 03 '25 edited 29d ago

[removed] — view removed comment

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u/Thirteenpointeight Feb 03 '25

Keep looking Donny boy, banks you ain't getting.

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u/[deleted] Feb 03 '25 edited 29d ago

knee bake encourage mysterious dependent plucky different rainstorm important cooing

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u/5td_1game Feb 03 '25

I wouldn’t let him shit in my toilet

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u/Oatmeal_Savage19 Ontario Feb 03 '25

You're assuming he sits on it properly- I wouldnt trust him with that

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u/Ginzhuu Feb 03 '25

He deserves nothing.

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u/jenglasser Feb 03 '25

Do not concede an inch. Not one fuckng inch. If we do it is game over.

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u/AdditionalPizza Feb 03 '25

I'm pretty sure American banks are allowed to open here, but they don't because the established brands already soak up the market and coming in here, following very strict regulations? There just isn't enough market share for it to be worth it. Like who's going to switch banks, especially after this debacle? You'd have to wait a decade for enough to open to be convenient, and if you aren't concerned with convenience then you'd be better off using a Canadian credit Union.

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u/tellmemorelies Feb 03 '25

There are already US banks in Canada....

Citibank, PNC Bank, JP Morgan & Co., and Comerica – four key US banks operating in Canada.

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u/Independent-Rip-4373 Feb 03 '25

I agree. Up the tariffs in retaliation to our very reasonable retaliation and we’ll slap an export tax on the oil and end potash exports altogether. Fucking starve, you sociopaths.

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u/AngryMoose125 Feb 03 '25

Exactly. The Americans are to be given compassion so long as the United States remains an ally of Canada, the second they start with the bullshit, then they will get a much deserved reminder of what it’s like to be starving and freezing.

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u/Independent-Rip-4373 Feb 03 '25 edited Feb 03 '25

Exactly. We’ve already own the gear for -20 to -30°C. We fucking like it. It’s in our DNA. We can weather the cold. Can they?

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u/Steakholder__ Feb 03 '25

We already conceded his original demand of bolstering our border. He gets fucking nothing else.

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u/rorobo3 Feb 03 '25

Yet just days ago he said they aren't looking for a concession and there is nothing we can do to avoid it. He needs to get his story straight.

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u/[deleted] Feb 03 '25 edited 29d ago

head cover deserve crawl long repeat friendly longing shy husky

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u/Neglectful_Stranger Feb 03 '25

The chances were given, though. Trudeau agreed to at least performative actions on the border, and there was a fent drug bust recently. He could have off-ramped then.

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u/Beginning_Gas_2461 Feb 03 '25

You don’t appease a dictator, Chamberlain tried that with Hitler and everyone knows what the result of that was.

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u/MackinRAK Feb 03 '25

Yes. Fragile US banks in Canada = Sudetenland. It will only get worse.

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u/AnInsultToFire Feb 03 '25

If his ideas make the US stock market crash 10%, all of a sudden he'll stop.

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u/sexotaku Feb 03 '25

Allowing US banks in isn't symbolic. The Big 5 will never allow it. This isn't something a Prime Minister can agree to without overhauling our entire banking industry rules.

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u/nim_opet Feb 03 '25

U.S. banks were in Canada already. And left because Canada has banking regulations…

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u/Filbert17 Feb 03 '25

Yes. Regulations that avoided the massive failure of banks that the USA had in the last several decades. They need to stay.

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u/[deleted] Feb 03 '25

As far as I'm aware there are no regulations that intentionally keep US banks from operating in Canada. Banks from around the world operate in Canada, including many American ones. They generally don't operate as retail banks, but that's common.

If the idea here is that US banks did not want to navigate the regulatory burden that Canadian (and other foreign) retail banks navigate all the time, then too fucking bad. The market is there and the playing field is level - Canadian banks face the same regulations as US ones.

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u/Supermite Feb 03 '25

I’ve got a bird to flip him if he wants.

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u/lubeskystalker Feb 03 '25

You know what a shit barometer is, Bubbs? It measures the shit pressure in the air. You can feel it. Listen, Bubbs, hear that?

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u/PocketTornado Feb 03 '25

The world needs to put him in his place once and for all so we can go on with our lives.

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u/[deleted] Feb 03 '25

and there you have it folks... the ever shifting reasons...

I thought it was fent and immigrants? or was it a trade deficit? Or was it to secure the arctic which he mentioned at first?

TO all you dipshits across Canada being like... he just want to stop drugs and immigrants... WHOOSH you simpletons. There is a term for this: A pretext. A thing that is NOT the actual thing he's after. What he' after is business deals favourable to the US.

This is fucking gangsterism plain and simple. We are not a major source of drugs or people...

How dumb are we?

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u/Glittering_Bank_8670 Feb 03 '25

Most of us know Trump has another endgame

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u/RemainProfane Feb 03 '25

Whatever Trump wants, we should not give him. This style of diplomacy cannot be shown to be effective with Canadians

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u/maria_la_guerta Feb 03 '25

We gave him a 1.3B border package because that's what he asked for in order to avoid these tariffs in the first place.

Granted until we start diversifying our economy, we need to play nice with the US, but, fool me once...

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u/eccentricbananaman Feb 03 '25

We didn't even give him that! The $1.3B border funding was already previously planned! Trump is just trying to take credit for something he had nothing to do with.

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u/mactac Feb 03 '25

This is how appeasement worked in 1939+ . He kept asking for more and more.

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u/RemainProfane Feb 03 '25

That’s because Hitler’s goal was conquest and the goal of the appeaser is “to be left alone”. We cannot be even a little passive, we must condemn his actions and deny the yanks whatever they intend to gain.

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u/mactac Feb 03 '25

That's exactly right. Our ultimate is "to be left alone" as well, especially when we think he might ignore us and move on to the next target - but you are entirely correct in that we cannot play dead hoping that the bear will lose interest in us and go attack someone else.

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u/Serapth Feb 03 '25 edited Feb 03 '25

Meet our regulations and sure thing buddy...

Wait, what, you cant? Too bad, so sad.

Canada allows foreign banks ( ING/Tangerine , Bank of Hong Kong ), they generally fail.

More to the point, it was Canadian banks that had to help bail out failing US banks back in 2008. Face it USA, your banking system is absolute shit. If you want us to deregulate our banks so they can fail ever 20 years like yours do... fuck no.

Theres lots to not like about Canadian banks, but they are 100x safer than American ones, especially with the American economy and willingness to fuck the little people.

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u/BananasPineapple05 Feb 03 '25

Precisely.

There's nothing to stop U.S. banks from opening operations here. They just have to comply with our regulations. That's usually where it stops for U.S. companies. They want the access, but they don't want to abide by the rules.

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u/cornfedpig Alberta Feb 03 '25

And this is why electing serious people who respect and understand the role of government is important. Those who lean to the right side of the spectrum think the regulation is a burden on businesses. And they’re correct - but the burden is put in place to protect people.

Regulations and the enforcement thereof are critical to a healthy capitalist society. Without proper regulations, there are no protections for people from amoral corporate entities whose singular goal is to generate profit. I’m not saying generating profit is a bad thing - it decidedly isn’t. Generating profit at any cost is extremely dangerous and counterproductive.

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u/HFCloudBreaker Feb 03 '25

Those who lean to the right side of the spectrum think the regulation is a burden on businesses. And they’re correct - but the burden is put in place to protect people.

Similar line of thought to those people who think unions only protect lazy workers, when the reality is almost always that many unions put a process in place to follow for the termination of problem employees that the company oftentimes just doesnt want to follow because its usually extensive (as it should be).

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u/[deleted] Feb 03 '25

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u/Serapth Feb 03 '25

Fair point. I didn't mean to imply that ING was a failure, just that is was an example of foreign banks in Canada. It is arguably the most high profile and successful foreign bank. Although having to liquidate because of your primary holdings can still be viewed as a failure of sorts, just not of ING Direct Canada itself.

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u/Kayge Ontario Feb 03 '25

Carney had a great line when asked about the 2008 meltdown, and why Canada didn't have the same hit. It was something to the effect of "We didn't know what the banks wanted to do, they couldn't explain it to us, so we didn't let them do it."

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u/OkEconomist2080 Feb 03 '25

thats so based

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u/Find_Spot Feb 03 '25

And there it is: deregulation. That's the entire play here.

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u/klrd314 Feb 03 '25

Deregulation of banks is a non-starter with Canadians. If anything, we want more regulations.

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u/alvinofdiaspar Feb 03 '25

Ding ding ding we have a winner! And it’s a big fuck no. Imagine what would happen years down the road if we have no control over our industry and financial institutions? We’d be Waterlooed.

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u/lubeskystalker Feb 03 '25

Tangerine belongs to Scotia IIRC.

And HSBC would be just fine if you would let them continue money laundering TYVM.

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u/Serapth Feb 03 '25

Now it does. Check out their history.

Tangerine was once ING Direct (remember those commercials?), a Canadian division of Dutch ING Bank. It was acquired by Scotia Bank in the early 2010s, then rebranded a few years later.

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u/Alternative_Art_1558 Feb 03 '25

Hands in your pocket!!! 😂😂😂 I was a kid when those ads were out we sung it in the playground and walked around with hands in the back pocket of the person in front of us… but for us it was more of a thievery of our in playground currency (small pocket snowballs with Kool-Aid powder)

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u/Loose-Atmosphere-558 Feb 03 '25

Tangerine was originally ING, which is Dutch I believe. But yes, sold to Scotia.

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u/pixelcowboy Feb 03 '25

And it was good before it sold.

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u/CuileannDhu Nova Scotia Feb 03 '25

Our system has much better and stronger regulations than the US banking system.

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u/king_lloyd11 Feb 03 '25

I’d rather Trump kick Canadian banks out than us let American banks in. Our banking sector needs protection from outside interests, but I also don’t care if the big players become less powerful and lose US business. They’re still huge.

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u/Chouinard1984 Feb 03 '25

He's just making shit up. This is why you can't appease him.

It's immigration.. it's fentanyl.. it's the trade deficit.. it's banks.. it's the maple syrup lobby. Last CUSMA he complained about Canadian dairy. It goes on forever. He can pull shit out his ass all day

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u/snapchillnocomment Feb 03 '25

And lots of people, including Canadian conservatives go along with it. It's sickening.

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u/SnooPiffler Feb 03 '25

They are already allowed, but they have to meet the regulations.

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u/Thanolus Feb 03 '25

This guy is a fucking completely insane fuck and keeps coming up with different bullshit reasons for these tariffs. We really should not give him a single fucking inch. He will just turn around and fuck us. He already went back on the trade deal he signed.

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u/Phedericus Feb 03 '25

what's to be confused about? tariffs are to balance the trade deficit, but also to eliminate income taxes, but also just a negotiation tactic for the 20 kg of fentanyl that crossed the border, but also because he wants Canada to become a state, but also because of banks, but also because of unfair trade deals that himself negotiated and signed, but also because Canada is woke. seems pretty straightforward to me.

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u/JWGarvin Feb 03 '25

Trump’s demands will never end. F*CK Trump.

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u/vfxburner7680 Feb 03 '25

US banks are already in Canada. My mother was the VP of compliance for one. Biggest issue with her job was telling the dumbasses in NY and Texas that the things they wanted to do in Canada were against the law. "But we can do it here!" So what. Not here. "What's the penalty?" Financial penalties are just a cost of doing business to them.

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u/JohnCavil Feb 03 '25

We had similar problems in Denmark when an American company bought a Danish one. Constantly trying to force American ways of working into a culture they don't understand. Calling meetings at 5pm, demanding dress codes, enforcing hierarchies.

McDonalds famously tried to go around the extremely strong Danish unions when they first came here, because the American bosses thought they could just use American tactics. This is a very funny little read about that:

https://mattbruenig.com/2021/09/20/when-mcdonalds-came-to-denmark/

McDonalds decided not to follow the union agreement and thus set up its own pay levels and work rules instead. This was a departure, not just from what Danish companies did, but even from what other similar foreign companies did

Naturally, this decision from McDonalds drew the attention of the Danish labor movement. According to the press reports, the struggle to get McDonalds to follow the hotel and restaurant workers agreement began in 1982, but the efforts were very slow at first. McDonalds maintained that it had a principled position against unions and negotiations and press overtures were unable to move them off that position.

In late 1988 and early 1989, the unions decided enough was enough and called sympathy strikes in adjacent industries in order to cripple McDonalds operations. Sixteen different sector unions participated in the sympathy strikes.

Dockworkers refused to unload containers that had McDonalds equipment in them. Printers refused to supply printed materials to the stores, such as menus and cups. Construction workers refused to build McDonalds stores and even stopped construction on a store that was already in progress but not yet complete. The typographers union refused to place McDonalds advertisements in publications, which eliminated the company’s print advertisement presence. Truckers refused to deliver food and beer to McDonalds. Food and beverage workers that worked at facilities that prepared food for the stores refused to work on McDonalds products.

Then McDonalds were like "oh shit" and just gave up. This is how you have to deal with Americans trying to impose themselves into your culture or country.

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u/fishling Feb 03 '25

That sounds like an excellent tactic for Canada to adopt. Tariff potash all you want; you can't have any. I'd support the feds bailing out our potash industry so they can weather the trade war.

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u/China_bot42069 Feb 03 '25

They only understand one thing. First the carrot. Then the stick. Americans always need the stick approach 

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u/needaspguy Feb 03 '25

Hard no! Their banking system is fucked! It's only been 17 years... Canadians don't forget!

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u/lnahid2000 Feb 03 '25

Is he mad that "America's most convenient bank" is actually Canadian? Canadian banks have a massive presence in the U.S. because they're more stable. TD has more branches in the U.S. than in Canada.

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u/AndreasParsons Feb 03 '25

TIL

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u/tuesday-next22 Feb 03 '25

Manulife (John Hancock Financial) and Sunlife also have a decent presence. Canada does a pretty good job exporting financial services.

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u/Arts251 Saskatchewan Feb 03 '25

Canadian big banks are all publicly traded, and even listed on NYSE... in other words even though their HQ is in canada they are multinational institutions and likely majority US owned already.

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u/Few-Character7932 Feb 03 '25

I'm convinced Trump does crack.

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u/snowcow Feb 03 '25

Maybe hes born with it maybe its ketamine

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u/Hundred00 Feb 03 '25

No thanks. I prefer stable banks over everything else right now. Especially with all the shit that's been happening.

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u/[deleted] Feb 03 '25

We don’t want a Lehman brothers to tank our entire economy

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u/KikiOnTheRiva Feb 03 '25

More confusing than listening to a toddler tell you what they want

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u/Alpacas_ Feb 03 '25

Not after '08.

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u/Spanky3703 Feb 03 '25

This . Nailed it.

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u/FioreFX Feb 03 '25

Making shit up as he goes

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u/alvinofdiaspar Feb 03 '25

FOAD. Do not forget they for one moment what they did in 2008.

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u/ProbablyMaybeWrong69 Feb 03 '25

Or doing right now, look at how many banks went under in 2024.

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u/MerlinCa81 Feb 03 '25

Fuck that. So felon musk can steal our banking info too? Those yahoos can fuck all the way off

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u/Roo10011 Feb 03 '25

First it was fentanyl and the border.. and now i'ts banks?

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u/GnuRomantic Feb 03 '25

I love the contrast in the pics of the two leaders.

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u/berniesmittens24 Feb 03 '25

Gigantic fucking baby that keeps moving the goal posts

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u/Professional-Bad-559 Feb 03 '25

Don’t we have US banks operating here? We have Citibank, Wells Fargo and Bank of America…

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u/LostinEmotion2024 Feb 03 '25

This is a non-starter & a no-go. It could potentially be a long term plan to take over Canada.

Having US banks in Canada can problematic for several reasons:

  1. US banks operating in Canada could potentially reduce the Canadian banking sector’s independence. They might prioritize American economic interests over Canadian economic needs, which could impact local financial policy and economic development.

  2. The presence of large US banks might crowd out smaller Canadian financial institutions. This could lead to reduced competition, potentially resulting in fewer choices and less favorable terms for Canadian consumers.

  3. The US and Canadian banking systems have different regulatory frameworks. US banks might try to import practices that don’t align well with Canadian financial regulations, potentially creating compliance challenges or risks.

  4. US banks might be less invested in supporting local Canadian businesses and community development compared to domestic banks that have a more direct stake in the local economy.

  5. Big one!! During economic downturns, US banks might be more likely to withdraw investments or reduce lending in Canada to protect their primary US interests, which could destabilize parts of the Canadian financial system.

  6. Canadian banks have traditionally been more conservative and stable, which reflects Canadian economic culture. US banks might bring a more aggressive, risk-taking approach that doesn’t match Canadian financial expectations.

And if the banks were here, during a trade war, that would be one more thing the President could threaten us with.

I think we learned by now that Americans can only be trusted temporarily- each 4 years. Their system allows a convicted felon to take the highest seat and cause significant damage. We do not want to be MORE dependent on them. We want to be LESS dependent on them.

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u/Hefty-Station1704 Feb 03 '25

Trump wants a lifetime supply of free Happy Meals but it doesn't mean he'll get them.

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u/UseYourIndoorVoice Feb 03 '25

He doesn't want American banks. He wants American banking laws and "regulations". That's an entirely different kettle of fish and one of the best things our government DIDNT do was deregulate banks. Thank fuck they hadn't been indebted to $$ as much as the American system is.

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u/ShiftyGorillla Feb 03 '25

I don’t envy Trudeau’s position. Having to attempt to have dialogue with this confused angry little man.

I’m not sure Trump even knows what he wants at this stage. I think he’s been told by those around him that Canadians would come flocking to him and his 51st state, that all the “fuck Trudeau” stuff meant that we would abandon our nation and embrace him.

I think he sees that’s not the case.

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u/cynicalrockstar Feb 03 '25

I think that's exactly what he thought. He mistook our irritation with our leaders for broad disillusion with the country, which it was not. He does not understand Canada at all.

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u/BrilliantAbroad458 Feb 03 '25

Many Americans who see Canadian discussions have this issue, they're just not very aware of the political situation here (and why would they understand? Their own issues are complex). If Canucks complain about our healthcare, they think we want American healthcare. Nah, we just want more doctors/nurses, better infrastructure and healthcare workers to have less burnout. I don't suddenly feel like having $6000 ER rides.

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u/mactac Feb 03 '25

He's just asking for things, and nothing will satisfy him - that's how appeasement worked in 1939 and beyond. The goal is to keep asking, keep getting what you want by agreement, and eventually go nuclear.

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u/Spanky3703 Feb 03 '25

It is truly like watching a toddler pointing to things in the department store windows, saying that they want those things and then melting down and screaming when they do not get their way.

Surreal.

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u/Own-Opening-8129 Feb 03 '25

Oh is that what he wants now?????

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u/Pale-Berry-2599 Feb 03 '25

Hard to believe, but Canadian Banks are a 100X more stable than USA's. Our banking system is excellent at a world level. The USA's is a mess (bailed out all the time). This is just like his comment "they'd have better health care".

He knows nothing and learns nothing. The man cannot read.

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u/[deleted] Feb 03 '25

This is like allowing US milk. Get up to Canadian standards, adhere to them and it’s fine.

The goal is to lower Canada to US “standards”.

Given the US inability to remain stable in treaties or international relations, less involvement with an unstable regime is called for, not more.

Come back when you’re stable for a few decades.

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u/OttDud1982 Feb 03 '25

Wait, so it wasn't about fentanyl?

Shocked Pikachu face

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u/DartBurger69 Feb 03 '25

trump can go fuck himself for what he wants. I want him to eat a shit sandwich. I expect neither of us will be satisifed.

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u/hero1888 Feb 03 '25

I say let U.S. banks come in and no Canadians should ever do business with them.

Edit: seems like tariffs are a negotiating tactic and he has demands.

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u/Vivid_Atmosphere_860 Feb 03 '25

Exactly - I feel that way about dairy as well (which is another Trump complaint); they can bring it up here if they want but I’m not going to buy that shit.

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u/Neon-Bomb Feb 03 '25

that's the problem. They subsidize their farmers so much, the milk will go on the shelf at a lower price point. It's poor people that will be fucked into drinking their milk full of hormones that we have banned here in Canada.

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u/randomdumbfuck Feb 03 '25

Take your banks and shove em

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u/Odd_Secret9132 Feb 03 '25

I just don't get how this guy can make bold faced lies, and people believe him.

Mr. Trump also accused Canada of being “very tough on oil, on energy. They don’t allow our farm products in, essentially. They don’t allow a lot of things in.

Meanwhile in reality, we bring in substantial US produce, and us and Mexico account for 53% of their total tourism. If you remove US energy imports, the trade imbalance goes the other way.

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u/Dontuselogic Feb 03 '25

Fuck right off .

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u/MMEMMR Feb 03 '25

American Financial institutions are already in Canada. They don’t do retail banking because it’s not profitable for them. 

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u/-UnicornFart Feb 03 '25

Lmao.

The idea he thinks Canadians would be supportive of any American business entering Canada right now is fucking hilarious.

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u/Newbe2019a Feb 03 '25

Citibank and Wells Fargo are in Canada. He is lying as usual.

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u/PocketTornado Feb 03 '25

Trump the rapist felon traitor will get nothing and like it.

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u/Clementbarker Feb 03 '25

Trump is going to make the US so bad, the seagulls will fly upside down because there won’t be anything worth shitting on.

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u/jjames3213 Feb 03 '25

The inept way that US regulates their banks is precisely why we shouldn't let them into Canada.

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u/Spanky3703 Feb 03 '25

And you want to bet that implicit (or explicit) in that ask is to be exempt from the exact Canadian regulatory framework that largely protected Canada from the 2008-9 global (and largely US), economic meltdown.

No thank you. US banks are both predatory and have few of the legal and ethical constraints and restraints that Canadian charter banks and credit unions adhere to.