They could easily make laws about how much tax a company has to pay in the US if it wants to do business and earn revenue/profits in the US, regardless of where it's headquartered.

Well I don't know about the US, but the UK enacted new legislation to stop a citizen doing certain (abhorrent) things in countries where it was quite legal to do so.

This was after a huge media outrage about a certain pop star allegedly being a sexual predator in countries where it was legal.

The EU also forced those cookie notices on pages and GPDR about movement of data globally.

Being a holocaust denier will get you arrested in Germany, even if you broke that law in another country.

That's just three examples off the top of my head.