Heyman said a trilateral agreement is the only possible option, and that parties will likely reach some sort of negotiation, but U.S.-Canada relations may be damaged in the process.

"You look at this, and it's not just trade. They were with us in 9/11, like no other country. They were on our side in Afghanistan. They helped diplomats come out of Iran," Heyman said.

"Canada's there, they are going to negotiate that out, but I don't think [Trump's] been treating them too well," he added.