U.S. banks can operate in Canada but face strict rules—they can’t open retail branches for deposits under $100k without a Canadian subsidiary or special permission. Dairy tariffs over 200% are real, but only kick in after USMCA quotas are exceeded to protect Canada’s supply management system. Reflexive tariffs? Canada already hit back with some after Trump’s 25% duties on March 4. Check the USMCA details for the full trade picture.