The second rule is set to On Import but there’s no import happening. There is no event trigger for when metadata changes on a document. You could use an intervallic trigger, e.g., Every Minute.
It’s possible you could use the Apply Rule action and run the second rule explicitly, but this would also depend on the specific rule. However, you did say it’s generic so maybe it would work here.
And Step 2 is just applying a color label with an On Demand event trigger.