A US plan to change how global companies are taxed could have "very meaningful and significant effects" in Ireland, the country's finance minister has said.
The Biden administration is proposing a global minimum corporation tax rate.
That could undermine Ireland's 12.5% corporation tax rate as a way to attract investment.
Pascal Donohoe said he did not believe Ireland was being specifically targeted by the US.
In an interview with Irish broadcaster RTÉ, Mr Donohoe said: "I've been saying this moment has been coming for years, it's now happening, and it will have consequences.
"It could have a very meaningful effect, and significant effect, on how we conduct corporate tax policy in Ireland.
"It has the potential to have a very big impact on where tax is collected."
Level playing field
The US Treasury Secretary Janet Yellen has suggested a 21% minimum global corporation tax rate.
"We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom," she said in a speech earlier this month.