China says Trump has 'launched a trade war'

President Trump's Friday announcement of 25 percent tariffs to be levied on $50 billion of Chinese imports has "launched a trade war," China's Commerce Ministry said in a response.

"China does not want a trade war," the statement continued, but Beijing "will immediately launch tariff measures that will match the scale and intensity of those launched by the United States" and "all economic and trade agreements reached by previous negotiations will be nullified at the same time," including China's recent pledge to buy "significantly" more U.S. goods and services.

Instead, China will place 25 percent tariffs on 659 U.S. exports, including agricultural products and cars, the latter of which Trump also targeted.

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