6 Inaccurate Claims Trump Has Used to Justify His Flurry of Orders
In trying to deny automatic citizenship for some born in the United States, he falsely described other countries' laws. In rescinding climate policies, he mischaracterized obligations made by countries in the Paris climate agreement. And in defending a chaotic rollout that froze federal funding, he cited an example of waste that lacked evidence.
Here's a fact check.
What Was Said Video
False. There are more than a dozen U.S.-based banks and subsidiaries operating in Canada.
Mr. Trump made the claim after he imposed tariffs on Canada, but before Canada negotiated a delay. His assertion would have been more correct about a quarter of a century ago. Since 1999, though, foreign banks have been allowed to establish branches in the country, according to a report by Statistics Canada, a government data agency. Previously, foreign banks could only operate subsidiaries there.
Branches are essentially the Canadian offices of banks headquartered in other countries, but they cannot accept deposits smaller than 150,000 Canadian dollars. Subsidiaries can accept smaller deposits, but they are separate legal entities from their parent companies.
American banks operating in Canada as either subsidiaries or branches include: Amex Bank of Canada, Bank of America, Bank of New York, Capital One, Citibank Canada, Comerica Bank, Fifth Third Bank, J.P. Morgan Canada, M&T Bank, Northern Trust, PNC Bank, State Street, U.S. Bank and Wells Fargo.
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