Musk Gets Fact Checked By His Own Social Media Platform After Echoing Trump Claim: 'American Banks Do Business In Canada'

Elon Musk got fact checked by his own social media platform, X, after echoing a false claim made by U.S. President Donald Trump about American banks not being allowed to operate in Canada.

"It's a valid point. The rules are asymmetric," Musk said when replying to a post from Trump on his own social media platform, Truth Social. "Canada doesn't allow American Banks to do business in Canada, but their banks flood the American market. Oh, that seems fair to me, doesn't it?" Reads Trump's post.

Musk's publication was quickly fact-checked by the platform's community notes. "Numerous US banks, including Bank of America, Citibank, Capital One, and JP Morgan & Co. operate in Canada," reads the context added.

Musk then replied to a comment in the publication, which remarked that "American banks are allowed to do business in Canada" but "just are under the same restrictions as all foreign banks." "This is sensible policy that every country should enact. We cannot blame the Canadians for doing what we should be doing," the publication by user "Aesthetica" reads.

"My statement is accurate that the rules are asymmetric. Canadian banks can operate at scale in the US, but US banks are not allowed to operate at scale in Canada. Just controlled opposition," Musk replied. He didn't make reference to whether Trump's statement was accurate.

Canadian Prime Minister Justin Trudeau also reacted to the comment, saying he "heard (Trump) talked about banking again this morning in a tweet, which doesn't make any sense because 16 banks are currently active in Canada holding about $113b worth of assets in this country, so American banks are alive and well and prospering in Canada."

"It's an example of not really being able to see what he wants ... what he wants is to see a total collapse of the Canadian economy, because that'll make it easier to annex us," Trudeau added.

The Canadian prime minister also warned that Trump's actions could destroy one of the most successful relationships the world has ever known while also drawing closer to a "lying, murderous dictator" like Russian President Vladimir Putin, as CBC points out. The fallout comes as Trump moved forward with tariffs on the neighboring country.

Addressing reporters on Parliament Hill, Trudeau said the tariffs, which include a 25 percent duty on most Canadian exports, are unjustified and harmful to both countries.

"Your government has chosen to do this to you," Trudeau told the American public, urging them to recognize that the trade war will have no winners. The tariffs, which began Tuesday, have prompted Canada to immediately impose retaliatory tariffs on $30 billion worth of American goods, with an additional $125 billion to follow in 21 days.