The news: Royal Bank of Canada (RBC) investors are concerned about the bank’s growth strategies as trade tensions with the US increase, per The Globe and Mail.

How we got here: RBC has made significant investments in the US, including a $3 billion rescue for its subsidiary, City National Bank, and its US business accounts for 26% of its revenue, per Reuters. 

But Canada’s new Prime Minister Mark Carney warned the “old relationship [between the US and Canada] is over,” per CNN. And although its CEO Dave McKay has described the US as RBC’s second home market, the ongoing tariff issues and political uncertainty could hinder future expansion—or banks’ decisions to stay.