Cheung said 16 #US #banks were operating to some degree in #Canada, w/a cumulative of nearly $79B in assets — a stat that PM Justin #Trudeau, also cited on Tues.

“American banks are alive & well & prospering in Canada,” Trudeau said.

For decades, Canadian political leaders have crowed about that restrictive #financial #regulatory model. They argue that fending off foreign entrants in the country’s #mortgage market helped the country largely avoid the 2008 collapse south of its border.

In light of #Trump’s criticism, Maggie Cheung, a spox for the Canadian Bankers Assn, was quick to point out that foreign #banks were an integral part of the banking landscape.

Many international banks limit themselves to areas that don’t involve lending, such as offering investment advice to wealthy Canadians or local companies.

So #Trump is incorrect in asserting that American #banks cannot do any business in #Canada, but it is true that they are limited in their activities.

While there are >4k banks in the #UnitedStates, Canada has just a few dozen, & >¾ of deposits are held by the Big Six.

Given how dominant #Canada’s homegrown #banks are, any international bank that tries to compete faces “an additional regulatory burden for what would begin as a small prize,” said James R. Thompson, assoc prof of #finance at the U of Waterloo.

The upshot is that #US banks have minimal operations in Canada. The largest American lender, JPMorgan Chase, says it has roughly 600 employees in Canada, out of >300k worldwide.

#Canada’s #banking sector is dominated by the “Big Six,” the 6 institutions including the Royal Bank of Canada & TD Bank. They are permitted to take deposits, extend mortgages & advise corporate clients—all the core activities for #banks. And Canadian customers disproportionately still prefer to do their banking in person, as opposed to online, meaning it would require a major physical presence for any entrant to attempt to enter the market.

…#Trump mentioned the #Canada banking issue early last month as part of a broader criticism against what he views as the unequal economic balance between the #UnitedStates & its northern neighbor. …Trump posted Canada “doesn’t even allow U.S. Banks to open or do business.”

Here is the actual state of play for #US #banks in Canada:

At the end of his interview, #Zelensky said he wished #Trump was more supportive of #Ukraine instead of trying to play the role of the *mediator* (#Zelenskyy is being incredibly generous & diplomatic. Trump is playing the role of Putin’s puppet). He reiterated that #Russia started the conflict by invading Ukraine. “I want really him to be more at our side,” Zelensky said of Trump.

During his interview on FauxNews, #Ukraine President #Zelensky said he didn’t know whether the confrontation w/ #Trump & #JDVance was a planned ambush, as some have suggested. “It was just a really tough situation,” he said.

Zelensky said it was “not good for both sides.” (A leader who can admit personal errors,what?)

So, #Ukraine President #Zelensky just appeared on #FauxNews after #Trump & #JDVance full-on attacked him in the Oval Office earlier today.

He started his interview w/ (formerly somewhat reasonable) #BretBaier by AGAIN thanking the American people for supporting Ukraine in its war w/ #Russia. “You helped us to survive,” he says.

#LindseyGraham completely craven, corrupt, & clearly compromised.

Lying through his teeth. Proud of Trump? Proud of JD Vance? You have to be KIDDING ME!?!?!!??

Either he wasn’t watching or *somebody* threatened a spanking.

This is insane. President of #Russia, Dmitry #Medvedev, just posted on social media:

“The insolent pig finally got a proper slap down in the Oval Office. And (tags #Trump’s account) is right: The Kiev regime is 'gambling with WWIII.'”

Total alignment between Russia & the UnitedStates. Trump acting as #Putin’s thug.

Plus, an explicit threat of a Russian instigated #GlobalWar.

Ok so I posted the same video twice (videos 4 & 5) oops.

FOX is reporting that #Trump kicked #Zelensky out of The White House. Apparently Trump felt disrespected. He wasn’t the one disrespected.

#Trump & #JDVance attack #Zelensky video 8

Trump attacks a reports for asking a legitimate question, then goes on a deranged tirade about Hunter Biden.

Poor Zelensky. He shouldn’t have to deal with this lunatic.

#Trump & #JDVance attack #Zelensky video 7

Trump to Zelensky: "You've gotta be more thankful"

Also Trump to Zelensky: “Let that be the quote, 'Obama gave sheets, Trump gave javelins.’”

(such a petty bastard)

#Trump & #JDVance attack #Zelensky video 6

Last video from another view shows US ambassador to #Ukraine visibly showing disgust at this shitshow.

[apologies if videos are out of order or overlap. Throwing this together for posts]

#Trump & #JDVance attack #Zelensky video 5

Vance to Zelensky: “Have you said thank you once?”

Trump to Zelensky: "Your country is in big trouble. No, no, you've done a lot of talking. Your country is in big trouble. You're not winning this."

#Trump & #JDVance attack #Zelensky video 4

Trump to Zelensky: "Don't tell us what we're gonna feel. You're in no position to dictate that. You're in no position to dictate what we're gonna feel. We're gonna feel very good & very strong. You're right now not in a very good position. You're gambling with World War 3."

#Trump & #JDVance attack #Zelensky video 3

Zelensky has to explain that #Putin broke the ceasefire.
“What kind of diplomacy, JD, are you speaking about?”

Vance goes on attack: “I think it's disrespectful to come into the Oval Office & try to litigate this in front of the American media”

#Trump & #JDVance attack #Zelensky video 2

Trump doesn’t know when #Putin / #Russia attacked #Ukraine