The Middle East has oil, China has rare earths.” With those lines, Deng Xiaoping authored a new age of geopolitical supremacy one measured not in terms of barrels of crude, but in the metallic elements that enable everything from cellphones to fighter aircraft.

Western companies are voicing growing concern that China is demanding sensitive business information as a condition for securing exports of rare earth metals and magnets, raising fears of data misuse and exposure of trade secrets, the Financial Times reported.

The only scenario in which China might deregulate its critical minerals export is if the U.S. fully removes tariffs imposed on Chinese goods as part of the trade war, said Wang Yiwei, a professor of international affairs at Renmin University, echoing the Chinese government’s earlier stance.

President Donald Trump announced that a US-China trade deal is ‘done’ — and that in exchange for Chinese magnets and rare-earth minerals and a 55% tariff on Chinese goods the US will provide China “what was agreed to,

Although the Society of Indian Automobile Manufacturers is yet to make a formal plea for paring the localization requirement, the industry body’s members have flagged the need in various consultations with the government.