It's a clearly absurd proposition on its face. Of course that's going to depress wages and destroy jobs, especially in manufacturing.
I'm all for free trade with other free countries with similar levels of rights for workers and concern for the environment. Outsourcing elsewhere should be taxed proportionally to the gap in these areas.
If you want a simple to implement solution, a tax on a combination of wage disparity and CO2 emission disparity would be enough to capture most of the relevant differences. The latter can be very objectively checked using satellite imaging.