Both of Canada's major freight railroads have locked out their workers. The impasse could bring significant economic harm to Canada and the U.S. if the trains don't resume running soon.

Both of Canada’s major freight railroads have come to a full stop because of a contract dispute with their workers, an impasse that could bring significant economic harm to businesses and consumers in Canada and the U.S. if the trains don’t resume running soon.

Canadian National and CPKC railroads both locked out their employees after the deadline of 12:01 a.m. Eastern Thursday passed without new agreements with the Teamsters Canada Rail Conference, which represents some 10,000 engineers, conductors and dispatchers.