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.

Treasury Department Secretary Scott Bessent said Tuesday the Aug. 1 date set by President Trump for tariffs to hit countries that fail to negotiate deals with the U.S. is a “hard deadline.” Bessent during an interview on Fox Business’s “Mornings with Maria” said countries without trade deals will be hit with the tariffs Trump