U.S.firms are taxed on profits earned in other countries:

Question

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U.S. firms are generally taxed on their worldwide income, but they are allowed to defer paying taxes on profits earned by their foreign subsidiaries until the income is repatriated, or brought back to the U.S. by the parent company. This means that the profits are subject to U.S. taxes when they are repatriated, but not when they are earned. However, the foreign country may have also taxed the profits, and the U.S. allows a foreign tax credit to offset some or all of the U.S. tax liability. The tax rates on repatriated profits may be at a higher rate than the domestic tax rates.

USFirms Are Taxed on Profits Earned in Other Countries