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 Secretary Scott Bessent on Tuesday said 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.”