Trump takes another swipe at Canadian banks within hours of imposing tariffs

President Trump on Tuesday took another jab at Canadian banks within hours of imposing a 25% tariff on imported goods from the U.S. neighbor north of the border.

"Canada doesn't allow American Banks to do business in Canada, but their banks flood the American Market," Mr. Trump wrote on his Truth Social platform. "Oh, that seems fair to me, doesn't it?"

However, there is no law in Canada that prohibits American lenders from operating in the country. Several U.S. banking institutions such as Citibank do operate in Canada, although they usually offer institutional or corporate banking services rather than retail banking.

Mr. Trump has noted Canada's banking industry and U.S. banks several times recently in relation to his tariff policies.

Canada has six major domestic banks, and it is more difficult for foreign banks to compete because of the strict regulatory environment.

Mr. Trump announced Monday he planned to follow through with 25% tariffs on imported goods from not just Canada but also Mexico beginning Tuesday, and double tariffs on goods from China to 20%.

The president said he would go forward with the tariffs after announcing a deal with Taiwan Semiconductor Manufacturing Co., which will spend at least $100 billion on five semiconductor chip factories in the U.S., mainly in Arizona, to avoid the looming tariffs.