There are fears that a move to clamp down on US companies exploiting tax havens abroad could hit British jobs.
President Barack Obama announced proposals on Monday to stop multinationals using offshore tax avoidance schemes.
The move will mean US companies will no longer be able to claim deductions against their tax bill before they pay taxes on offshore profits.
Mr Obama said the move would save the US £140bn over the next decade and would encourage more companies to create more domestic jobs.
The administration said US companies paid an effective tax rate of just 2.3% on the £465bn they earned in foreign profits in 2004.
"The steps I am announcing will help us deal with some of the more egregious examples of what is wrong with our tax code," Mr Obama said.
"It is the downpayment on the larger tax reform we need to make our tax system simpler and fairer and more efficient for individuals and corporations."
But America's boardrooms have reacted with horror to the plans.
Some 200 companies have written to Congress warning that the move could put US companies at a disadvantage with their foreign rivals.
There are also concerns that jobs could be created in the US at the expense of the UK.
Thousands of City positions have been axed in the last year as US financial firms reduce their workforces abroad.
There are fears that new jobs will now be created in the US, rather than London, when the world recession eases.
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