The EU's Commissioner for Trade Cecilia Malmström announced late Monday that the European Union has drawn up a draft list of items that could face stiff taxation following an announcement on March 2 by US President Donald J. Trump that he welcomed the prospect of a trade war with the EU and China over steel and aluminium imports to the United States.

The move by Brussels is in-line with a statement by European Commission President Jean-Claude Juncker, who indicated on March 2 that the Commissi...