Trump ends Canada trade talks, inflation data returns, Target layoffs and more in Morning Squawk

In a significant development for trade relations, President Donald Trump announced he is terminating all U.S. trade negotiations with Canada. This decision follows the airing of a controversial ad by Ontario's provincial government that features former President Ronald Reagan’s voice criticizing tariffs. The Ronald Reagan Presidential Foundation has stated that the ad misrepresents Reagan's original comments from 1987, claiming they were edited without consent. Trump accused Canada of attempting to sway the ongoing Supreme Court case that could have major implications for his tariffs. In economic news, the Bureau of Labor Statistics is set to release September's consumer price index report this morning, following a nine-day delay due to the government shutdown. This index, which measures the prices of a wide array of goods and services, is a crucial indicator for both Wall Street and the Federal Reserve in assessing inflation trends. In the retail sector, Target has announced it will be cutting 1,800 corporate jobs, marking its largest layoffs in the past decade. Approximately 1,000 employees will be let go, alongside 800 unfilled positions, representing around 8% of the company's workforce. These cuts come as Target struggles to regain growth after several years of stagnant sales and as incoming CEO Michael Fiddelke prepares to take over leadership from Brian Cornell next year. The automotive industry also faced challenges, with Ford Motor Company exceeding Wall Street's expectations for the third quarter. However, the company has revised its full-year forecast downwards due to a fire at one of its aluminum suppliers in New York, which it predicts will cost between $1.5 billion and $2 billion and has disrupted production of its larger truck and SUV models. Meanwhile, electric vehicle manufacturer Rivian has announced it will lay off approximately 4.5% of its workforce, translating to over 600 job cuts. In a shocking turn of events, Miami Heat guard Terry Rozier and Portland Trail Blazers head coach Chauncey Billups were arrested as part of a major gambling investigation. The NBA has placed both on immediate leave, and the league is cooperating with authorities. An indictment against former NBA player Damon Jones, who was also arrested, alleges that he provided betting information concerning superstars LeBron James and Anthony Davis during his time with the Los Angeles Lakers, although sources indicate that James was unaware his information was being shared for gambling purposes.