EU Commission is preparing its member states for trade war with Trump - FAZ

The Frankfurter Allgemeine Zeitung, or FAZ, is reporting that the European Commission is preparing member states for a trade war with the US over Trump's steel and aluminum tariffs, according to an internal report obtained by the FAZ.

Key points:

The FAZ obtained an internal memo from the European Commission that tells member states to not be "too optimistic" about obtaining steel and aluminum tariff exemptions from the US, though the EU will certainly be seeking to obtain those. The memo further states that members should expect the worst and to not have much hope in a satisfactory conclusion at the WTO should the EU formally charge the US in the global consortium. Further moves from the EU are expected on the matter, but in the meantime, the European Commissioner for Trade Cecilia Malmstrom intends to meet with US Commerce Secretary Wilbur Ross next week to further discuss the matter.