Bessent told Fox Business that he will be speaking with Chinese officials on Monday and Tuesday for a third round of high-level negotiations, to work out what he said would be a likely extension of the deadline.

Earlier this year, Washington and Beijing slapped escalating, tit-for-tat levies on each other's exports -- reaching triple digit levels -- stalling trade between the world's two biggest economies as tensions surged.

But after top officials met in Geneva, both sides agreed to temporarily lower the tariff levels in a de-escalation set to expire next month.

"That deal expires on August 12, and I'm going to be in Stockholm on Monday and Tuesday with my Chinese counterparts, and we'll be working out and what is likely an extension then," Bessent said in the interview.

For other economies facing an earlier August 1 deadline for higher US tariffs to kick in, Bessent said he expects the duties will boomerang back up -- but signaled Washington would continue negotiations.