Investment restrictions would be the second stage, following tariffs, in a sweeping trade measure that aims to penalize China for what the United States deems unfair trade practices.

The administration is particularly concerned about investments in the United States made by Chinese state-controlled enterprises that take intellectual property from American companies and export it to China.

A 2017 report from the U.S.-China Economic and Security Review Commission, a group created by Congress to monitor relations between the countries, said Chinese investment in the United States had been strategically focused on information and communications technology, agriculture and biotechnology. This presents potential risks to American national and economic security, said the report, which noted that American companies lacked “reciprocal” treatment in China and that they had to disclose valuable technological information to gain access to the Chinese market.

“This would expand the current concept of what counts as national security, linking of national security and economic security,” said John P. Kabealo, a lawyer who specializes in foreign investment matters. “It could very fundamentally change how international transactions are conducted.”

The Trump administration’s trade threats have rocked relations and business ties between the world’s two largest economies. Farmers, retailers and other industries that depend on trade with China have protested, saying the measures could damage their businesses and American jobs.

Chinese and American officials have quietly begun talks since President Trump announced the trade measures last week. But it remains unclear what kind of compromise the Chinese could offer to avoid sanctions, and whether Beijing would be willing to pay such a price.

So far, China’s response to the potential trade action has been relatively muted, as it waits for the Trump administration to finalize its plans. The country did respond sharply to Mr. Trump’s earlier tariffs on steel and aluminum imports. China released a $3 billion list of goods it said it might charge with higher tariffs, including a 25 percent tariff on pork and aluminum scrap, as well as a 15 percent tariff on steel pipes, wine and ethanol.