The Financial Post reports in its Saturday, Nov. 29, edition that Canada's biggest banks defied an uncertain economy three months ago to post record quarterly results and yet the mood remained tense. The Post's Naimul Karim writes that banking executives were guarded over their outlooks as they fussed over the future renegotiation of the Canada-United States-Mexico Agreement (CUSMA) that has been shielding local businesses from the worst of U.S. President Donald Trump's tariffs on Canadian exports. RBC chief executive officer Dave McKay said in August, "Should current CUSMA-compliant goods largely maintain their qualified exemption to tariffs, Canada's effective tariff rate should remain low and the economy should remain resilient." A lot has happened since then. Mr. Trump in October said he was ending "all trade negotiations" with Canada because of an advertisement sponsored by the Ontario government that opposed the tariffs. He also threatened to hit Canada with additional tariffs, although that did not materialize. RBC analyst Darko Mihelic says he is concerned about the Canadian banking sector, citing limited disclosures, rapid growth, market opacity and potential risks from recent U.S. fraud cases.