The Trump administration is contemplating a proposal to halt deliveries of jet engines co-developed by Common Electric powered Co. for a new airliner currently being designed in China, a likely escalation of protecting trade steps that could have steep repercussions for the main American producer.

The administration may possibly decrease to problem a license permitting CFM International, a joint venture of GE and France’s Safran SA, to export a lot more of its LEAP 1C jet engines to China, men and women common with the conversations said. The engines are currently being…