| Tariff Response | The EU plans to hit about €100 billion in US goods with additional tariffs in the event ongoing trade talks fail to yield a satisfactory result, we’re told. The proposed retaliatory measures will be shared with member states as early as today — and consultations will last for a month before the list is finalized. Moscow Mission | Xi Jinping heads for a four-day visit to Russia today. The Chinese president is expected to use the state visit to Moscow to showcase his strong ties with counterpart Vladimir Putin and capitalize on a trade war that’s isolating Washington. Shadow Fleet | The EU is set to propose a new package of sanctions targeting Moscow’s covert fleet of oil tankers as it seek to crank up pressure on Russia over its war against Ukraine. The sanctions suggested by the commission will also cover 60 individuals and entities as well as some 150 vessels, we’re told. Russian Gas | The EU looks to be getting serious about ending its reliance on Russian energy, including gas. Commissioner Dan Jorgensen told us the bloc is willing to help US exporters comply with its rules to curb methane emissions in order to facilitate increased trade. A challenging geopolitical environment though may derail the plan. Conclave Meets | Roman Catholic cardinals head to the Sistine Chapel today to choose a new pope to succeed Pope Francis, who died in April. The secretive election, known as the conclave, will see 133 cardinals cast ballots. The cardinals are not allowed to leave the conclave until they reach an agreement. | 
