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.

They’re talking right now, but the decision-maker, of course, is President Trump,” Lutnick said of the state of negotiations with China.

This might be a one-off after Apple reportedly shipped 600 tons of iPhones from India in April to avoid tariff threats, but a new report from Canalys tracks with Apple’s intention to move the totality of its US iPhone production to the country by the end of 2026.

As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.

President Trump and European Commission President Ursula von der Leyen announced Sunday that the US and EU had agreed to the framework of a trade deal that included a baseline tariff rate of 15% on EU goods imported into the US.

U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng were meeting at the offices of Sweden’s prime minister for two days of talks, which Bessent has said will likely lead to an extension of current tariff levels.

Tariffs on Chinese goods could result in a decline in exports from the Asian manufacturing giant to the U.S. in the years ahead reaching near $500 billion.

Officials say some Chinese companies have skirted the tariffs that Trump imposed in 2018 by shipping goods to American customers via third countries.