London: US Treasury Secretary Scott Bessent emphasized the importance of China being a reliable partner in trade negotiations, as renewed talks between the US and China concluded in London. Bessent highlighted the opportunity for China to stabilize its economy by shifting focus from excess production to increased consumption, a move that could pave the way for a promising rebalancing of trade relations between the two nations. According to Anadolu Agency, Bessent reiterated the significance of China adhering to the responsibilities outlined in the trade agreement reached in Geneva last month. He pointed to the recently announced US-UK trade deal as an indicator of potential growth, projecting a $5 billion export opportunity for American industries, which could be mirrored in future US-China trade relations. In a related development, US President Donald Trump announced on Wednesday that a trade deal with China is finalized, pending approval from both nations' presidents. Trump detailed on Truth Social that t he US would receive 55% tariffs, while China would receive 10%. He also mentioned agreements on the supply of full magnets and rare earths from China, as well as an exchange involving Chinese students in American educational institutions. Trump expressed optimism about the bilateral relationship, stating that he and Chinese President Xi Jinping are committed to opening up China to American trade, a move he described as a potential "great WIN" for both countries. The latest discussions follow an agreement in May to roll back punitive tariffs for an initial 90-day period, after the US had imposed substantial tariffs on China in April.