Zero-covid over as China forced into another mega-lockdown: Shanghai has gone into a city-wide lockdown as China’s financial hub struggles to contain an uptick in covid cases. The city of 25 mn will enter lockdown in two stages to carry out covid testing over nine days, after recording on Saturday its highest number of cases since the pandemic’s early days, according to the BBC. All public transit will stop, all factories will close, and all companies will work remotely.

This comes a week after Shenzhen exited lockdown: One of China’s most important commercial hubs and the country’s second-largest port, the shuttering of factories and cargo terminals has put further pressure on global supply chains and trade, and with a strict testing regime still in force, shipping firms say it could be weeks for trade to normalize.

Biden vs. b’naires: US President Joe Biden plans to propose a new minimum tax on the 700 US households worth more than USD 100 mn, in the White House’s first attempt to target b’naires on tax, the Washington Post reports, citing sources and an official document. The move, which comes as part of a 2023 budget set to be unveiled in full today, would see b’naires pay at least 20% in taxes on their full annual income — including capital gains like stock appreciation (an idea that readers may remember sent Elon Musk into a Twitter tizzy when it was floated last year.) The tax would raise an estimated USD 360 bn in revenue over a decade if enacted, but expect opposition from across the aisle — as well as from members of the rich list itself, many of whom are used to paying lower rates than the average American.