Reform legislation strengthening the national security review process for mergers and acquisitions of U.S. companies by foreign ones seems likely to pass by August, lawyers who are experts in international trade and national security matters said.

They also said they expect the legislation—which would likely particularly affect M&A and early investment by Chinese entities in high-tech, telecommunications and big data industries—to progress despite White House vacillations over trade policy with China. The legislation also could affect some private equity transactions.