The deficit in Finance Minister Nate Horner’s budget, released late Thursday, marks an $11-billion swing from the province’s expected $5.8-billion surplus in the current fiscal year. (The Logic)

Talking point: The sharp change in fiscal fortunes underscores the scale of the economic damages that Trump’s tariff threats could cause. The oil province is forecasting a more than $6 billion drop in revenues in 2025-26, down to $74.1 billion, as a result of potential 25 per cent tariffs on Canadian Canadian products and a 10 per cent levy on energy. Horner introduced an additional tax break for Albertans earning less than $60,000, which will cost the province another $1.2 billion in foregone revenue. In a research note, CIBC analyst John Fanjoy said the province’s outlook could change dramatically if Trump changes policies, “but it is premature to bank on those just yet as the downsides still loom large.”