LISTEN: China and US clash with new tariffs

While most of the world is watching the World Cup this week, China and the US will be keeping the financial world on its toes.

Fears of a global trade war reached new heights over the weekend as the US announced $50 billion in tariffs on Chinese imports and China retaliated with $50 billion of its own on US goods.

Markets ended slightly down on Friday, with analysts saying traders might be tired of the ongoing rhetoric. It’s sure to be a tense week though, with Europe also indicating a strong stance against US protectionism.

If that wasn’t enough, OPEC will also be meeting to discuss the state of the oil market.

Reports suggest Saudi and Russia want to bring an additional 150 million barrels of oil a day back onto the markets.

Not only will that be good for consumers, but it could help keep US shale at bay.