China will want to retaliate for TikTok, WeChat ban: Man Group's Luke Ellis

The commerce department announced Friday morning that it would ban U.S. business transactions with China-owned social apps WeChat and TikTok on Sunday. Man Group is one of the world's largest hedge funds with more than $100 billion in assets under management. Man Group CEO Luke Ellis joins "Squawk Box" to discuss what this move could mean for the global economy and the markets.