1. Do you have a work permit in Portugal?
2. Being paid in the US is not a good idea .. what is your home country?
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Hello there- I would recommend asking your US university if you qualify for any kind of internship/externship while in your first year, or if you can get a CPT to work. You should also ask the employer if they would be willing to sign up for an externship. Working in the first year is generally not permitted, but externships may be. Also, we file hardship waivers for foreign students to get work permits. This is based on individual circumstances and may or may not apply to your situation.
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US immigration law governs employment while in the US. It has no applicability to employment abroad.
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The question has more to do with international tax. If you are a European resident you can work from Europe. My suggestion is to ask the US based company to pay for your service directly in Europe (if this is possible). In any case my recommendation is to consult with an international firm dealing with international tax issues. Best.
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