The Canadian premiers speak to the media during the 2025 summer meetings of Canada’s Premiers at Deerhurst Resort in Huntsville, Ont., on July 23, 2025. Photo by THE CANADIAN PRESS/Nathan Denette

OTTAWA — Under pressure from the U.S. trade war and a slowing economy, Canada’s provinces are all expected to run fiscal deficits this year — but a Conference Board of Canada report predicts those deficits will narrow in the coming years.

The report released Tuesday paints a picture of provinces struggling to balance their books.

Not long after emerging from a pandemic that caused deficits to balloon, Canada’s provinces are now staring down the barrel of a trade war.

Most provinces have put up contingency funds in this year’s budgets to support workers and critical industries through th

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