Marty Warren, the United Steelworkers' national director for Canada, told Reuters that about 1,000 members have been laid off. Oxford Economics' Davenport predicts more layoffs in the coming months, forecasting about 140,000 lost jobs and an unemployment rate rising to the mid-7% range later this year.

Trade negotiations are coming down to the wire with U.S. tariffs set to kick in at midnight for countries around the world.