International taxes

Dodig, who has led the Canadian bank since 2014, will be succeeded by Harry Culham, CIBC's head of capital markets.

President Donald Trump's tariff policies will strain some banks' business customers, as their supply chains will have to be reconfigured. But uncertainty is the real headwind.

The president exempted Mexican and Canadian goods covered by the North American trade agreement from his 25% tariffs, offering reprieves to America's two largest trading partners.

Commerce Secretary Howard Lutnick said the president is likely to defer his 25% tariffs on Canada and Mexico for all goods and services covered by the North American trade agreement.

As steep tariffs on Canadian goods took effect this week, banks on both sides of the border expressed concern about the economic fallout and the uncertainty their customers face.

President Donald Trump is set to announce changes to the tariffs on Canada and Mexico he slapped on earlier this week, with potential relief for automobiles and other sectors, according to Commerce Secretary Howard Lutnick.

Canada's largest bank is bracing for the impact of a threatened U.S. 25% tariff on imports from north of the border. But the cloudy 2025 outlook was offset by strong results last quarter.

President Donald Trump's 25% tariffs on Canada and Mexico are on track to go into place on Tuesday and he plans to impose an additional 10% tax on Chinese imports, moves that would deepen his fight with the nation's largest trading partners.

The third-largest Canadian bank by assets is preparing itself and clients for the Trump administration's proposed 25% tariffs on Canada and Mexico.

While executives this week signaled they could accept policies that put pressure on the economy, analysts said the lighter regulatory touch is unlikely to offset Trump's tariff regime.

The president's rough-and-tumble trade negotiations have throttled financial markets, causing investors to flock to the safety of dollars and Treasuries. But some economists say this style of policymaking could have hurt the U.S.'s safe haven status in the long run.

Wall Street has cheered President-elect Trump's selection of Scott Bessent to lead the Treasury because of his moderating influence and expertise, but his profile as an establishment figure in an anti-establishment administration could undermine his authority.

The global pandemic and stalled trade negotiations have discouraged farmers and ranchers from taking on more debt and made banks uneasy about extending more credit.

A spike in loan-loss provisions dragged down first-quarter profits at the Toronto company’s U.S. unit.

The timing couldn’t be worse for ag and energy lenders as well as global banks, which were all counting on the Chinese market to help bolster commercial lending and fee income.

A smiling President Donald Trump thanked some of the biggest U.S. companies for about 10 minutes on Wednesday at the White House, where he was celebrating his trade deal with China. When it came to JPMorgan Chase, he asked for reciprocation.

The country's biggest bank is leaning more on fee income to offset rate pressures, expanding in selected U.S. cities and laying the groundwork for operations in China that CEO Jamie Dimon hopes will endure “for 100 years.”

But some industry watchers are tempering expectations, saying that the language is too vague to know for sure if China is serious about introducing more foreign competition.

So far farm loans are holding up well, but bankers gathered at an industry conference this week said they are growing increasingly concerned that credit quality will weaken if the U.S. and China don’t reach a deal soon.

Amid concern that an economic downturn is approaching, Greg Carmichael said that banks need to focus on credit quality and not worry about expanding their balance sheets.