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No U.S.-based sports entity is more exposed to Canadian turbulence than the NHL, and commissioner Gary Bettman said an ongoing trade war could provide a sizable hit to the league’s recent momentum.
U.S. President Donald Trump imposed 25% import tariffs on Canada this week, prompting a retaliatory measure from Canadian Prime Minister Justin Trudeau. The economic feud continues to fester, particularly as Trump has repeatedly spoken of his desire to make Canada the 51st U.S. state and derisively referred to Trudeau as “Governor”—prompting widespread outcry from Canadians, in and out of sporting venues. Trump announced Thursday afternoon that new tariffs on most goods from both Canada and Mexico have been suspended to April 2, but the broader tension remains quite palpable.
The potential impact to the NHL would be primarily currency-based. The league takes in roughly a quarter of its overall revenues in Canadian dollars, largely through the presence of seven franchises in the country, but every player is paid in U.S. dollars. The exchange rate, as a result, is critical for the NHL, and on Thursday, a Canadian dollar was worth just under 70 U.S. cents, roughly on par with a 10-year low.
“If the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful,” Bettman said on CNBC. “We have revenue sharing, but a lot of our Canadian clubs do quite well, but that’s going to be impacted by what happens with the Canadian dollar. We’re hoping this is a moment in time, and both countries find a way to work through this.”
The tariff and currency situations contrast sharply against the NHL’s wave of growth. The league entered the 2024–2025 season expecting big things, and those hopes have been realized—and then some. The 4 Nations Face-Off was a runaway hit, the recent Stadium Series outdoor game in Columbus drew historic totals both in person and on television, overall attendance and revenue stand at or near record levels, and the GR8 Chase by the Capitals’ Alexander Ovechkin is moving closer to history. More than $7 billion in mixed-currency revenue is expected this season.
“Our attendance is as strong as it’s ever been, our engagement with business partners is the highest it’s ever been, our clubs are executing their business plans, and their connectivity with fans is better than ever before,” Bettman said. “We’re in a good place, because the game has never been better.”
The Reviled One?
The Canada-U.S. tensions, meanwhile, are also significantly heightening the unease around Canadian hero Wayne Gretzky. The NHL’s all-time goal scorer, who Ovechkin is now chasing, became a national icon in the 1980s and 1990s by rewriting the NHL’s record book.
Now living in the U.S. and a naturalized American citizen, Gretzky has been close to Trump, including attending an election victory party at Mar-a-Lago and the inauguration in January. He has not spoken out about the recent tariff and sovereignty broadsides from Trump, and Canadians are growing increasingly restless about it—with widespread criticisms of Gretzky in Canadian newspapers and sports-talk radio.
The pressure will only increase as he is expected to travel with Bettman to Capitals games as Ovechkin nears the goals record. Ontario Premier Doug Ford, however, came to Gretzky’s defense this week, even as he has announced a series of retaliatory actions against the tariffs.
“He never gave up his Canadian passport. So folks, give the guy a break. Just give him a break,” Ford said of Gretzky. “He loves Canada. He loves it like no tomorrow.”
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