Beijing - High-risk calls between the U.S. and Chinese presidents on Thursday have not addressed the shortage of global rare earth exports, with companies saying it could stop production of automobiles and other industrial parts this summer.

Rare earths and a wider range of key minerals are used in weapons, automobiles and other high-tech products. China has dominated the mining and production of these metals, and over the past two years, China has gradually begun to restrict international sales.

In early April, China announced new export controls for seven rare earth elements. Unlike other measures, Beijing has not specified whether they are a response to aggravating tensions in the United States.

After the two sides reached a breakthrough trade agreement on May 12, China's Ministry of Commerce held a meeting on the same day to strengthen export controls on key minerals. There is no widespread rollback on the restrictions on seven rare earths.

The development surprised many in Washington, who expected to abolish the rare earth restrictions as the trade agreement said the two countries would suspend most tariffs and retreat for 90 days.

But so far, only some Chinese suppliers of U.S. companies have obtained six-month rare earth export licenses, and the U.S. Chamber of Commerce in China said Friday that it conducted an investigation of its members from May 23 to 28.

The survey said 75% of respondents controlled by rare earths said their existing supply would be used up within three months. The survey shows that these controls mainly affect R&D, resources, industry and technology, but there are no departments of consumers or service companies.

Although China did not mention rare earths in its call for Chinese President Xi Jinping and U.S. President Donald Trump, the long-awaited dialogue itself shows that the two countries have violated the trade agreement and that the two countries will continue to speak.

"I think our deal with China and trade agreements are in a very good shape," Trump told reporters after a conference call on Thursday. "As you know, we have an agreement with China, but we are figuring out some of the key points that have to be done with rare earth magnets and some other stuff."

He did not elaborate on it. But Trump said U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer will meet with their Chinese counterparts at unspecified times.

Jianwei Xu, a senior economist at Natixis, said Friday that further trade talks could bring the U.S. and China back to the status quo earlier this year, Jianwei Xu, a senior economist at Natixis, said Friday. He said China could accelerate export approvals for commercial use of some rare earths to alleviate U.S. restrictions on exporting certain technologies to China.

"I think China and the United States have figured out that each other's direct weakness is not tariffs, but about non-tariff issues, especially on technology and rare earths," Xu said.

China's restrictions on rare earths have expanded to U.S. companies.

Industry association CLEPA said on Wednesday that several European auto parts companies have had to stop production. It warned in the coming weeks that it had a wider impact and said China has approved only 25% of the “hundreds of export license applications” filed.

The EU Chamber of Commerce said on Friday that China appears to be able to ease some export controls lately, although for some European companies, the EU Chamber of Commerce in China said on Friday. But it warns that “preventing severe supply chain disruptions from many companies” is insufficient.

"Our members are still struggling with the export license approval process due to the time spent and lack of transparency, which now has a negative impact on production lines in Europe and other countries," said Jens Eskelund, president of the European Chamber of Commerce.

Reuters reported on Thursday that Japanese automaker Suzuki Electric briefly suspended production of its swift cars due to China's rare earth curb, citing two unnamed sources, and manufacturing is expected to partially resume on June 13. A Suzuki spokesperson commented immediately when contacted by CNBC.

According to official English-language transcription, Chinese Foreign Ministry spokesman Lin Jian said in response to questions about Japanese automakers: “China’s export control measures are consistent with universal practice.

Responding to a spokesperson for the Ministry of Commerce, his answers to questions about Chinese companies last week restricted the sales of key minerals stored by Chinese companies outside the port of Rotterdam, the Netherlands.

She added in a separate press conference on Thursday that China will approve export licensing applications consistent with regulations and “promote convenient and compliant trade.” This is based on CNBC translation in Chinese.

China's restrictions on key minerals have accelerated over the past few months.

After export controls on carapace and germanium in August 2023, two metals were used in China's chip manufacturing, and similar restrictions were announced for exports of antimony, which is used in bullets, nuclear weapons production and lead-acid batteries. It can also enhance other metals.

A few months later, China issued a broader policy that exacerbated restrictions on exports of products that may have civilian and military uses. Export controls cover metals that the United States considers crucial, such as tungsten.

Tungsten is almost as hard as diamonds and is used in weapons, semiconductors and industrial cutting machines.

Martin Hotwagner, a market analyst for Steel and Metal Market Research in Austria, said there are about 300 grams (10.6 ounces) of tonnes of tungsten in a regular car, most of which are even lost in recycling. With supply lower, he expects Western companies may run out of tungsten later this summer.

- Sam Meredith of CNBC contributed to this report.