Oil prices are down, expenses are up, population’s still growing ahead of national rates — these are the downward pressures keeping the Alberta economy in check and the deficit up.

Finance Minister Nate Horner released prognostications for the second-quarter with a fiscal update Thursday, portraying a softening economy and laying it at the feet of tariffs imposed by U.S. President Donald Trump.

“It should come as no surprise to anyone that we are facing serious financial challenges this year. Last year, we had a surplus in cash available to allocate to the Heritage Savings Trust Fund to help grow it for future generations. However, with U.S. tariffs, we knew this year would be very different,” Horner said.

The new energy agreement hammered out just in time between the province and Prime

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