Two stories commanded business headlines in Alberta throughout 2025, connected like strands of a bungee cord.

The fallout of U.S. tariffs was often tethered to another major development that bounced back and forth — a new energy memorandum of understanding (MOU) signed between the Alberta and Canada governments.

Both dominated the news, with trade turmoil between Canada and the United States paving the way for a formative agreement, along with 12 tumultuous months for Alberta companies on several fronts.

The tariff fallout saw a freeze on business investment and hiring for part of the year, ignited a ‘Buy Canada’ campaign, fuelled efforts to diversify the country’s export markets, and redefined the energy relationship between Alberta and Ottawa.

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“It set the wheels in motion for so much more. It really charted the course and galvanized the country,” says Adam Legge, president of the Business Council of Alberta.

And the federal-provincial MOU “sets the stage for potentially a new boom in the energy sector,” says Calgary Chamber of Commerce CEO Deborah Yedlin.

Other key business stories included a high-stakes takeover battle for MEG Energy, WestJet taking steps to propel a growing aviation hub in southern Alberta, slumping oil prices triggering a large provincial deficit, and the launch of Canada’s new LNG industry.

Here’s a look back at the Calgary Herald’s Top 10 Alberta business stories of 2025.

Immediately following Donald Trump’s victory in the November 2024 presidential election, there were signs of trouble ahead for Canada’s trading relationship with the United States.

The U.S. is the largest customer of Alberta’s exports, with 89 per cent of the province’s goods heading south. A February report by the Canadian Chamber of Commerce identified Calgary as the second-most vulnerable city in the country to American tariffs.

Even before inauguration day on Jan. 20, then-prime minister Justin Trudeau and Alberta Premier Danielle Smith made separate trips to Florida to meet with Trump about trade.

In the weeks that followed, the bilateral relations took a turn for the worse. Trump talked about annexing Canada as the 51st state and placing 25 per cent U.S. tariffs on products from Canada, although it was reduced to 10 per cent for energy.

Following Trump’s Liberation Day tariffs at the start of April, the administration largely exempted imports that complied with the existing Canada-United States-Mexico Agreement (CUSMA). However, tariffs were slapped on Canadian steel, aluminum, copper, softwood lumber and the auto sector.

The resignation of Trudeau, announced in January, eventually saw former Bank of Canada governor Mark Carney becoming the Liberal leader. His victory in the April federal election brought a greater emphasis on market diversification, building new infrastructure, and spurred talk about Canada becoming an energy superpower.

Polls also reflected the shift, showing a growing majority of Canadians support new oil and gas pipelines to access markets outside of the U.S.

“Everything you’ve seen since Trump took office for the second term has been largely a reaction to that (tariff) threat,” says ATB Financial chief economist Mark Parsons.

“It’s accelerated efforts, including by the government, to diversify into new market and . . . to consider adding new pipeline capacity.”

The federal government, with new legislation in place, pledged it would speed up approving projects of national significance, establishing a