The flow of Chinese money into the country, although it has slowed lately, has prompted concerns over the state’s influence in corporate strategy. Critics are particularly worried that China is focusing on sensitive industries, like technology. White House officials and lawmakers on both sides of the aisle are pushing for new rules that would keep closer tabs on deals by foreign buyers, by expanding the powers of the foreign investment committee, known as Cfius.

Mr. Trump has sought to take a tough line on China’s trade and investment practices, threatening on the campaign trail to enact sweeping tariffs. Although his moves in office have so far been more modest, he has stoked tensions between the two countries.

In August, the White House began an investigation into claims of Chinese violations of American intellectual property, an inquiry that could result in tariffs or another negotiated outcome. Mr. Trump also called for a report on the steel industry, where China is dominant.

By blocking the deal for Lattice Semiconductor, the president is taking direct aim at China’s industrial policy.

As China looks to expand its global reach and support its economic growth, the government wants to be a dominant force in cutting-edge industries. The country’s “Made in China 2025” program, which will provide extensive assistance and cheap loans to certain industries, lays out an ambitious plan to build homegrown giants that will compete with American stalwarts.

Semiconductors has been a major focus of the effort. As China moves to build and design chips, Chinese investors has acquired overseas chip makers and teamed up with Western technology giants.

The deal for Lattice Semiconductor played to those ambitions.

The company announced an agreement last November to sell itself to a private equity firm, Canyon Bridge Capital Partners, for $1.3 billion. The initial funding for the firm, based in Palo Alto, Calif., came from China.