The New York Times reports: "President Trump is confident that the United States is winning its trade war with China. But on both sides of the Pacific, a bleaker recognition is taking hold: The world's two largest economies are in the opening stages of a new economic Cold War, one that could persist well after Mr. Trump is out of office. 'This thing will last long,' Jack Ma, the billionaire chairman of Alibaba Group, warned a meeting of investors on Tuesday in Hangzhou, China. 'If you want a short-term solution, there is no solution.' Mr. Trump intensified his trade fight this week, imposing tariffs on $200 billion worth of Chinese goods and threatening to tax nearly all imports from China if it dared to retaliate. His position has bewildered, frustrated and provoked Beijing, which has responded with its own levies on American goods."

The Wall Street Journal reports: "The dollar fell to its lowest level in more than two months Thursday, as fresh hopes that the U.S. and China can avoid an all-out trade war boosted investors' risk appetite. The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, was recently down 0.4% at 88.87, its lowest level since early August. The measure is off more than 2% from its August highs. An intensifying trade conflict between the world's two largest economies has buoyed the dollar in recent months, as many investors believe the U.S. will be less damaged than other countries in an all-out trade war. A more gradual U.S. approach to imposing tariffs on Chinese goods, however, has sparked hopes that the U.S. and China may eventually resolve the issue, encouraging investors to cut back on safe-haven bets such as the dollar and put their money to work in U.S. stocks and beaten-up emerging-market assets."

CNN reports: "In September 1999, an underground photography exhibition titled 'Wushirenfei' was shut down by Shanghai police on its opening afternoon. To this day, it is unclear what precisely had irked the city's authorities. Perhaps it was the image of four women ogling a man's crotch or the photograph of books balanced on brightly-colored plastic phalluses. Or perhaps it was the prospect of 15 of Shanghai's most exciting young artists exhibiting their work beyond the gaze of government-controlled institutions. Such closures were relatively common in China during the 1990s, with the state evidently wary of contemporary art. But things have changed dramatically, and, this week, the shuttered exhibition is being re-staged at Photofairs Shanghai, a sprawling annual art fair which last year attracted more than 30,000 visitors."