Sunday newspaper round-up: US-China, Aerospace, Pharma

(Sharecast News) - The US president said talks with China that were taking place in Geneva had achieved a "total reset" in the two countries' trade relations. Without elaborating, Donald Trump said that great progress had been made and that they wanted to see an opening up of China to American businesses. The negotiations were scheduled to continue on Sunday. - Guardian

The UK is near to reaching an agreement with Donald Trump that would grant an exemption from US tariffs to the country's £40bn aerospace sector. The business secretary also opened the door to an increase in quotas for British-made automobiles that can opt for a lower 10% US import tax. - The Sunday Times

As part of a wider trade deal, ministers are reviewing the controversial tax on medicines that pharma groups claim makes Britain "uninvestable". Companies including AstraZeneca and GSK do not yet know which tariffs, if any, they will have to pay. The US president has threatened to impose a 25% levy on UK drugs going to the US. - The Financial Mail on Sunday

The heads of companies paid billions of pounds by the government to house asylum seekers are set to see bumper increases in their pay. That is because asylum accommodation is expected to hit £15bn over a decade, three times what had been initially estimated. The companies are Mears, Serco and Clearsprings Ready Homes. According to the National Audit Office, the cost of asylum accommodation in 2024-25 alone hit £1.67bn, of which hotels accounted for 76%. - Financial Mail on Sunday