The Financial Post reports in its Wednesday edition that a second term for Donald Trump as president of the United States could potentially affect Canada's banking sector more than a win by Kamala Harris due to his proposed tax cuts for corporations and his aggressive focus on re-shoring. The Post's Naimul Karim writes that the Canadian banks with the most exposure in the U.S. are likely to benefit the most in case of a Trump presidency, said CIBC Capital Markets analyst Paul Holden, while Vice-President Harris would not change the banks' current outlook as much. A Trump presidency is likely to benefit the Bank of Montreal the most since it generates the highest proportion of earnings from the U.S., Mr. Holden said in a note last week. "BMO has both a large U.S. commercial bank that would benefit from U.S. re-shoring and a large U.S. investment bank that would benefit from more capital markets activity," he said. Toronto-Dominion Bank is expected to be the second-biggest beneficiary despite an asset cap placed on the lender by U.S. authorities for issues linked to money laundering, he added. Both banks underperformed and missed analysts' expectations in the most recent quarter due to their exposure to the United States.