Among the top goals for President Trump and his administration in hitting trading partners with steep tariffs is bringing manufacturing capacity back to the U.S., even if it comes at the price of short-term market and economic duress. But in Cambodia, the Asian country hit with the highest tariff rate of any in the new trade plan, that goal is highly unlikely.

While the 49% tariff rate that the Trump administration is placing on Cambodian goods will lead to an existential crisis for…