BEIJING—China is planning to impose tariffs on a majority of its U.S. imports, a move designed to match the Trump administration’s tariff threats blow-for-blow that is bound to further intensify trade tensions between the world’s two largest economies.

After President Donald Trump raised the ante earlier this week on China by threatening to more than double proposed duties on Chinese imports, the State Council, China’s cabinet, on Friday released a list of $60 billion worth of U.S. goods to hit with tariffs. The planned levies,...