Federated's Steve Auth: We're early cycle, not late cycle

A new Bloomberg report says Chinese officials have expressed doubt that a long-term trade deal is possible with President Trump. The report says the officials are concerned about President Trump's impulsive nature and the risk that he may back out of even a limited deal. Steve Auth, chief investment officer for equities at Federated Investors, joins "Squawk Box" to discuss what impact this news may have on the market.