They will still be taxed on foreign profits. It's the global minimum tax of 11%. So if they are based in Ireland they'd pay 2% in Ireland and 9% to America. If in China, they'll pay 15% in China and 0% in America.

Regardless of this, stopping the flow of capital and investment into the country with a 35% tax is extremely dumb. Everyone will say effective is far less, but it's far less because of foreign profits and IP stashed in Ireland and effective may be 20% for tech, but marginal to bring back in the states is still 35%