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 on Tuesday that he would meet his Chinese counterparts in Sweden next week to continue trade talks between the two countries, suggesting the current pause in sky-high tariffs aimed at each other could be extended.