It might increase income inequality in your country, but does it do so globally? I mean, that person in a developing nation will still likely get way more money than they would have from local work. So it serves as wealth transfer from developed to developing countries.

Now, large corporations are taking and pocketing a large part of that transferred wealth, effectively gouging it back (and making it even more concentrated in their home countries in the process). And why can they do that? Because, while capital and goods can flow across borders mostly unrestricted, labor is constrained by immigration restrictions. Chinese workers don't get direct access to the US market - no, they have to work for transnationals that will pay them slightly better than local wage, and then sell the product of their labor for as much as they can in countries where wages (and hence prices) are much higher.