Beijing retaliated against planned U.S. 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 U.S. goods of the same value.

The...