The Trump administration’s trade deal with China that sharply lowered the tariff rate on Chinese imports is expected to be extended past its Aug. 12 deadline, Treasury Secretary Scott Bessent predicted Tuesday, though he maintained higher tariff rates on other countries’ imports are still slated to take effect Aug. 1 as scheduled.

US Treasury Secretary Scott Bessent said he will meet his Chinese counterparts in Stockholm next week for their third round of trade talks aimed at extending a tariff truce and widening the discussions.

U.S. Treasury Secretary Scott Bessent said on Tuesday that he will meet his Chinese counterpart next week in Stockholm and discuss what is likely to be an extension of an August 12 deadline for a deal to avert sharply higher tariffs.