Mr. Trump said that he had been “very tough on Huawei” but that he wanted American companies “to be able to sell all of this incredible technology.”

The about-face is the latest blow to the China hawks in the Trump administration and another win for more moderate advisers like Treasury Secretary Steven Mnuchin, who has been pushing for greater accommodation of Beijing amid pressure from corporate America.

The administration’s efforts to restrict the flow of American technology to China has triggered objections from companies, who say it undermines their ability to compete on a global scale. Foreign firms have already taken steps to limit the American components in their products over concerns that access to parts they need could be cut off. And some American companies say they may begin to do more research and development outside the United States to avoid running afoul of the administration’s stricter China rules.

General Electric, in response to media reports on Saturday about the administration’s review of its export license, said in a statement that it would comply with any requirements imposed by the United States but played down concerns about the risks of sales to China.

“We aggressively protect and defend our intellectual property and work closely with the U.S. government to fulfill our responsibilities and shared security and economic interests,” General Electric said in a statement. “G.E. has provided products and services in the global marketplace for decades.”

The potential U.S. restrictions have gotten China’s attention.

Geng Shuang, spokesman for China’s foreign ministry, criticized the U.S. proposal to halt the jet engine deliveries during a news conference on Tuesday.

“It would expose certain U.S. officials’ ignorance in science and technology, disregard of the market principle, and anxiety with China’s development,” he said during a briefing. “It will be another example of the U.S. using political means to undermine bilateral commercial cooperation and wantonly oppress China.”