US and EU to impose 100% tariffs on China over support for Russia?; Labubu secondary prices crashing; Exporting the Great Firewall

Summary of today’s top items:

1. Portuguese PM in Beijing - Portuguese Prime Minister Luis Montenegro met with Xi, Li Qiang and Zhao Leji. According to the Xinhua readout of his meeting with Xi, Montenegro endorsed the new Global Governance Initiative:

He noted that Portugal agrees with the important concepts embodied in the Global Governance Initiative proposed by President Xi and is willing to jointly uphold multilateralism with the Chinese side. Portugal welcomes China's greater contributions to improving the global governance system, he said.

Premier Li tried to enlist him against the US:

Li said that at present, unilateralist and protectionist acts are severely impacting the international order. As two major global forces, China and the European Union (EU) should strengthen coordination and work together to address these challenges.

2. US and EU to impose 100% tariffs on China over support for Russia? The Financial Times reported that earlier on Tuesday:

Donald Trump has asked the EU t…