With President-elect Donald Trump’s trade and foreign policy team taking a hawkish stance toward China, U.S. companies are increasingly concerned a hard-line approach could stunt their prospects in the world’s second-largest economy — and turn them into targets of Chinese retaliation.

Trump has threatened to hit China with at least 60% tariffs and vowed to end reliance on the country. That alone would be disruptive. It would force companies to scramble to find other sources of supply,…