The Government of Alberta is predicting stormy skies ahead. Alberta’s 2025 Budget and Economic Outlook notes the stark shift in U.S. trade —in the form of tariffs—will put a damper on the 2025-26 outlook. Canada is expected to face an average of 10% tariffs on energy products and 15% tariffs on all other goods. Retaliatory tariffs are likely to follow, adding to the strain on Alberta’s economy. As a result, Alberta’s economic growth is projected to slow from 3% in 2024 to 1.8% in 2025 and 1.7% in 2026.