Canada tariffs, McDonald's value push, El Paso airport and more in Morning Squawk

Here are five key things investors need to know to start the trading day.

Published on Feb. 12, 2026

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The U.S. labor market added 130,000 nonfarm payrolls last month, more than double the 55,000 jobs expected. The House of Representatives voted to overturn President Donald Trump's tariffs on Canada, but the measure will likely be vetoed. McDonald's beat Wall Street's fourth-quarter expectations, and Restaurant Brands International also reported better-than-expected results. The Federal Aviation Administration lifted its order halting all flights in and out of Texas' El Paso International Airport after it was closed for "security" reasons.

Why it matters

The strong jobs report and ongoing debate over tariffs on Canada provide insight into the current state of the U.S. economy and trade policy. McDonald's and Restaurant Brands International's results offer a window into the fast-food industry's performance and strategies. The temporary closure of the El Paso airport raises questions about security measures and their impact on air travel.

The details

The U.S. labor market added 130,000 nonfarm payrolls in January, more than double the 55,000 jobs expected. The unemployment rate also decreased to 4.3%, its lowest level since August. The House of Representatives voted 219-211 to overturn President Trump's tariffs on Canada, with several Republicans joining Democrats. However, the measure will likely be vetoed by the president. McDonald's reported a nearly 7% boost in domestic same-store sales, which the company attributed to popular promotions. Restaurant Brands International, the parent company of Burger King, also saw same-store sales outside the U.S. rise 6.1%, topping analysts' estimates. The FAA lifted its order halting flights in and out of El Paso International Airport, which was initially closed for "security" reasons, with a person briefed on the matter stating the closure was due to the Department of Defense's testing of anti-drone technology.

  • The House of Representatives voted last night to overturn President Donald Trump's tariffs on Canada.
  • The Treasury Department said earlier on Wednesday that the U.S. generated $30 billion from tariffs in January, a more than 300% year-over-year increase.

The players

Donald Trump

The President of the United States who imposed tariffs on Canada.

Chris Kempczinski

The CEO of McDonald's who said the company has improved traffic and strengthened its value and affordability scores by listening to customers and taking action.

David Einhorn

The founder of Greenlight Capital who told CNBC's Sara Eisen that he is still expecting rate cuts in 2026 despite the strong jobs report.

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What they’re saying

“Any Republican, in the House or the Senate, that votes against TARIFFS will seriously suffer the consequences come Election time, and that includes Primaries!”

— Donald Trump (Twitter)

“By listening to customers and taking action, we have improved traffic and strengthened our value & affordability scores.”

— Chris Kempczinski, CEO, McDonald's (McDonald's earnings release)

What’s next

The Senate is expected to vote on the resolution to overturn President Trump's tariffs on Canada, though the measure is likely to be vetoed by the president.

The takeaway

The strong jobs report, ongoing debate over tariffs, and performance of major fast-food chains provide a mixed picture of the current state of the U.S. economy, with both positive and concerning trends emerging. Investors will be closely watching how policymakers and companies respond to these developments.