All-out trade war ahead? China issues retaliatory tariffs against the US

Move comes after White House imposed tariffs on $50 billion of Chinese goods

Beijing retaliated against planned US tariffs on Chinese goods by targeting high-value American exports — including farm products, cars, and crude oil — bringing the world's two biggest economies closer to an all-out trade war.  

Shortly after the Trump administration unveiled plans Friday to impose tariffs of 25% on $50 billion in Chinese products, China's State Council announced it would levy penalties of the same rate on the US goods of the same value.

The US is "provoking the trade war", China's Foreign Ministry spokesman Lu Kang said Friday, while pledging to defend the country's interests. 

In striking back at the US