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.

U.S. President Donald Trump on Tuesday announced a trade deal with Japan that he said will result in Japan investing $550 billion into the United States and paying a 15% reciprocal tariff.

A three-judge panel of the U.S. Court of International Trade ruled in late May that President Donald Trump exceeded his authority with the “reciprocal tariffs” he imposed on dozens of countries in Apr...