Janice R. Andrews
Recent polling shows widespread apprehension among Canadians regarding Donald Trump’s 2024 presidential campaign, particularly its implications for U.S.-Canada relations. Most Canadians express unease about Trump’s stance on trade and immigration, recalling previous tensions during his administration. There’s significant concern that his nationalist “America First” policies could disrupt the established economic partnership between the two nations.
Yet the financial sector presents a contrasting outlook. Banking experts foresee potential advantages in a second Trump presidency for financial institutions on both sides of the border. They point to Trump’s track record of reducing banking regulations and implementing business-friendly policies as factors that could enhance the sector’s performance. Canadian financial institutions, with their significant U.S. market presence, might particularly benefit from looser regulatory oversight.
A high-ranking analyst from a prominent Canadian financial institution notes: “Trump’s economic policies tend to favor corporate growth and lower restrictions. If he wins, we could see an increase in cross-border transactions and banking revenues.”
Nevertheless, broader Canadian sentiment remains cautious. Key worries include possible trade disputes and immigration restrictions that could affect Canadian businesses operating in the U.S. or employing cross-border workers. Many also fear that Trump’s controversial political approach could create social discord that might influence Canadian society.
As Trump’s campaign progresses, Canadian industry leaders and government officials continue monitoring developments closely. While the banking sector anticipates possible gains, the general Canadian population maintains reservations about the implications of another Trump administration for North American diplomatic and economic ties.
