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US tax reforms could reduce badly needed investment by US firms abroad, the UN's trade arm has warned.

UNCTAD said some $2trn of overseas investment could be repatriated to the US.

Almost half of global investment stock is either located in the United States or owned by US multinationals, it said .

In a statement it said: "Repatriations could cause a large drop in the outward FDI stock position of the United States, from the current $6.4 trillion to possibly as low as $4.5 trillion, with inverse consequences for inward FDI stocks in other countries.

"About one quarter of United States outward stock of FDI is located in developing countries. However, it is likely that a large part of the stock located in developing countries is invested in productive assets and therefore not easily repatriated."