Brad here. One of the problems we have in the U.S. is that we are largely forced to rely on the media to cover events abroad. While useful, this reporting can miss important details about what is really going on, as anyone who has been at an event and then later read coverage can attest.

One of the big pieces of news in the financial world today focuses on General Electric (GE). The iconic American conglomerate has been removed from the Dow Jones Industrial Average, and its stock will no longer be included when the index is calculated. It will be replaced by the drugstore chain Walgreens.

As we close out this series on tariffs and trade wars, let’s review what we’ve covered so far.

There is a case to be made for modifying the existing world trade system, and there are systemic imbalances and costs that need to be rectified. That being said, we need to ensure that we maintain as many of the good things about the current system as we can because, despite the costs, the U.S. is actually in a very favorable position overall.

Last week was a busy one for economic reports. The week ahead will be a bit slower, although we will get some news on housing.

We closed part 2 of this series with a summary of the benefits of the current system of open trade: peace, prosperity, and, for the U.S., control of the world system. Although this has come at substantial financial and trade cost to the U.S., this cost has been more than offset by the benefits. Indeed, everyone has won from the current system.

Earlier today, I appeared on CNBC's Power Lunch to discuss the Fed’s most recent rate hike and its impact on the markets. Listen in to learn more.

In part 1 of this series, we discussed how, overall, tariffs can create localized benefits (e.g., helping a particular industry), but they do so by imposing higher costs on the rest of the economy. We also discussed the wider implications—primarily that when a country imposes tariffs, there is a real possibility that other countries will retaliate. This leads to a vicious circle that leaves everyone worse off. Economically, tariffs don’t make a lot of sense.