WASHINGTON — Some multinational companies may not see as much of a benefit from President Trump’s signature tax cuts as they had hoped, under proposed regulations that the administration issued on Wednesday.

If they are made permanent, the rules, released late in the day by the Internal Revenue Service, will force some corporations that operate in relatively high-tax countries abroad — like France or Mexico — to pay a higher effective tax rate than they might have under an alternative interpretation of the law. Mr. Trump last year signed the law, which many business groups had pushed for.

The Treasury Department acknowledged that likelihood in the proposal, which runs over 300 pages. It said the law’s international provisions, as the administration construes them, have “limited the benefits” of certain tax-reduction strategies that companies employ. The department is also offering a consolation to affected companies, by promising to review a related set of regulations, with an eye toward easing them.

The regulations cover interactions between existing credits that companies can take for taxes paid abroad and a new type of international minimum tax that the law created this year, called the Global Intangible Low-Taxed Income tax.