This article provides a Canadian perspective on the recent decision of the U.S. Seventh Circuit Court of Appeals (the "Seventh Circuit") in Minn-Chem Incorporated et al. v. Agrium Incorporated et. al. ("Minn-Chem"). Minn-Chem considered the application of the Foreign Trade Antitrust Improvements Act ("FTAIA") to a class action by U.S. direct and indirect purchasers of potash against seven major international potash mining companies. The issue raised by the case is of keen concern to Canadian (and other non-U.S. entities), namely when will U.S. antitrust law apply to foreign conduct? In our view, the Seventh Circuit came out on the right side of the issue, adopting a suitably restrained approach to the extraterritorial application of U.S. antitrust law.