Washington (CNN) President Donald Trump on Friday counterpunched against retaliatory tariffs announced by Beijing earlier in the day, pledging to hike the rates importers must pay on Chinese-made goods even higher.

Trump said the US will raise tariffs from 25% to 30% on $250 billion in goods that are already being taxed starting October 1.

He also threatened to ratchet up promised tariffs on the remaining $300 billion in Chinese imports from 10% to 15%. Those tariffs, which would hit mostly consumer items , are set to begin taking effect September 1, though most goods will be duty-free until December 15 -- a move Trump made to avoid putting a damper on holiday retail sales

The President's announcement came after Beijing unveiled a new round of retaliatory tariffs on about $75 billion worth of US goods . China will place additional tariffs of 5% or 10% on US imports starting on September 1, according to a statement posted by China's Finance Ministry.

"We're having a little spat with China and we'll win it," Trump told reporters Friday night before departing for the annual G7 summit in Biarritz, France. "We put a lot of tariffs on China today, as you know. They put some on us, we put a lot on them."

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