Industry Minister Melanie Joly spoke in British Columbia to the Vancouver Board of Trade and had strong words in response to the latest tariff threats by the U.S.

The latest US tariff extension went by without any major global market reaction as Trump pushed the deadline to 1 August

Coffee prices are on the rise after President Donald Trump announced a sweeping 50% tariff on imports from Brazil, the world’s largest coffee producer, sending a shock through global commodities markets and setting off fresh volatility in futures trading.

Many countries thought they were negotiating in good faith. The White House renewed its “reciprocal” tariff plan anyway, giving countries until Aug. 1 to make offers.

US stocks have rocketed back to all-time highs. The unemployment rate remains historically low. And the inflation rate is lower than when President Donald Trump took office.

In his new round of tariffs being announced this week, Trump is essentially tethering the entire world economy to his instinctual belief that import taxes will deliver factory jobs and stronger growth in the U.S., rather than the inflation and slowdown predicted by many economists.

The fragility of American Exceptionalism is just one lesson from financial markets in response to Trump’s Liberation Day tariffs.