<p>美国总统唐纳德·特朗普的贸易政策今年在华尔街成为热门话题，甚至可能比人工智能等令人兴奋的投资机会更受关注。政府试图对来自大多数国家的进口商品征收关税。</p>
<p>这是一个不断发展的局势。根据《傻瓜投资网》的研究，关于某些关税合法性的持续法律挑战正在提出。其他关税则受到各种豁免的影响，贸易协议正在谈判中。</p>
<p>在这一切发生的情况下，投资者调整投资组合并购买能够应对这一挑战的公司的股票是个好主意。没有任何公司能够完全免受关税的影响，但我们来考虑一下为什么 <strong>奈飞</strong>(NFLX -0.60%) 和 <strong>可口可乐</strong>(KO 0.44%) 在当前环境中可能是有吸引力的投资。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxMDgvY291cGxlLXdhdGNoaW5nLXR2LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxMDgvY291cGxlLXdhdGNoaW5nLXR2LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. 奈飞</h2>
<p>奈飞提供数字服务。与那些在国外制造实物产品并将其运回美国的公司不同，这家流媒体公司不必处理其打算销售给客户的进口商品的关税。尽管如此，如果关税导致通货膨胀和奈飞的费用和成本增加，仍可能以各种方式对公司造成伤害。即便如此，该公司似乎比大多数公司更能应对当前的局势，尤其是因为其业务目前运行顺利。</p>
<p>奈飞的收入、盈利和自由现金流近年来增长迅速。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6813af3b477d8b0a17b22f439b776a28.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6813af3b477d8b0a17b22f439b776a28.png"/></p>
<p>NFLX 收入（季度）数据来自 YCharts。</p>
<p>虽然流媒体现在似乎无处不在，但奈飞继续扩展其生态系统的事实表明，仍然有一些未被开发的市场空间。关于电视观看时间的数据支持了这一点。在美国，奈飞在流媒体平台中仅次于 YouTube（严格来说，YouTube 并不是直接竞争对手），但在 8 月份，该公司仅占总观看时间的 8.7%。</p>
<p>奈飞是否已经达到顶峰？绝对不是。在 8 月份，流媒体在美国的电视观看时间中占比不到一半。这个数字在长期内应该会大幅增长，奈飞也将随之受益。还有公司最近的广告机会。奈飞的广告业务可能仍处于起步阶段，但由于公司拥有竞争优势：其庞大的数据资源，具有显著潜力。奈飞对观众偏好和习惯有精确的统计数据——人们观看什么、何时观看以及观看多长时间。</p>
<p>这些数据可以让它推出精准、针对性强且成功的广告活动。不断增长的参与度只会增强这一竞争优势，进而帮助奈飞有效地指导其内容生产策略，最终带来巨大的成功。</p>
<p>奈飞强大且（大部分）免受关税影响的业务可以帮助其在不确定的经济环境中表现相对良好，而公司的经济护城河和前景也使其成为一个有吸引力的长期选择。尽管这家流媒体巨头今年在市场上表现出色，但其股票仍然值得购买。</p>
<h2>2. 可口可乐</h2>
<p>可口可乐，这家知名饮料公司，因多种原因成为一个出色的抗关税投资选择。首先，作为防御性行业中的领先消费品公司，即使在经济放缓时，它的表现也可能相对良好。这里的 “消费品” 一词至关重要。它指的是人们在任何经济条件下都会持续购买的产品。因此，即使关税导致经济崩溃，可口可乐的表现也应该优于大多数公司。</p>
<p>其次，尽管公司在几乎每个国家制造和销售其产品，但可口可乐的生产往往是本地化的。公司在美国销售给消费者的大部分产品都是在美国制造的，这限制了关税对其销售的影响程度。</p>
<p>第三，可口可乐是一只出色的分红股票。该公司是精英分红国王俱乐部的成员，该俱乐部由至少连续 50 年增加分红的公司组成。可口可乐的连续分红记录已达到 63 年。</p>
<p>这有什么相关性？如果经济和市场条件恶化，波动性增加，来自分红的稳定和可靠的收入可以帮助减轻市场损失——当然，前提是公司不会暂停其分红计划。无论情况如何，可口可乐都应该保持不变。这家饮料领导者的长期记录表明，它能够在几乎任何情况下生存，同时仍能提高其分红。</p>
<p>最后，可口可乐拥有良好的长期前景。该公司凭借其品牌名称的巨大影响力和随市场需求变化而不断发展的能力，保持了成功。可口可乐拥有庞大的产品组合，并不断推出新产品以满足客户需求。无论不断变化的关税战争最终如何结束，该公司在未来许多年里都应该保持韧性。</p>

奈飞

可口可乐

<p>美国总统特朗普的贸易政策，包括对进口商品的关税，正在影响投资者。研究建议调整投资组合，以包括像奈飞和可口可乐这样的公司。奈飞作为一种数字服务，受到关税的影响较小，并且在广告方面显示出强劲的增长潜力。可口可乐作为消费必需品，由于本地生产和长期的分红增长历史，表现出韧性。这两家公司在当前经济环境中能够有效应对，使其在关税不确定性中成为有吸引力的投资选择</p>

<p>U.S. President Donald Trump's trade policies have been the talk of the town this year on Wall Street, perhaps even more so than exciting investing opportunities like artificial intelligence. The administration has sought to impose tariffs on imported goods coming from most countries.</p>
<div class="lb-trans"><p>美国总统唐纳德·特朗普的贸易政策今年在华尔街成为热门话题，甚至可能比人工智能等令人兴奋的投资机会更受关注。政府试图对来自大多数国家的进口商品征收关税。</p>
</div><p>This is a constantly evolving situation. According to research conducted by The Motley Fool, ongoing legal challenges are being raised regarding the legitimacy of certain tariffs. Others are subject to various exemptions, and trade deals are being negotiated.</p>
<div class="lb-trans"><p>这是一个不断发展的局势。根据《傻瓜投资网》的研究，关于某些关税合法性的持续法律挑战正在提出。其他关税则受到各种豁免的影响，贸易协议正在谈判中。</p>
</div><p>With all that going on, it's a good idea for investors to adjust their portfolios accordingly and buy shares of companies that can navigate this challenge. No corporation is entirely tariff-proof, but let's consider why <strong>Netflix</strong>(NFLX -0.60%) and <strong>Coca-Cola</strong>(KO 0.44%) could be attractive investments in the current landscape.</p>
<div class="lb-trans"><p>在这一切发生的情况下，投资者调整投资组合并购买能够应对这一挑战的公司的股票是个好主意。没有任何公司能够完全免受关税的影响，但我们来考虑一下为什么 <strong>奈飞</strong>(NFLX -0.60%) 和 <strong>可口可乐</strong>(KO 0.44%) 在当前环境中可能是有吸引力的投资。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxMDgvY291cGxlLXdhdGNoaW5nLXR2LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835108%2Fcouple-watching-tv.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>1. Netflix</h2>
<div class="lb-trans"><h2>1. 奈飞</h2>
</div><p>Netflix provides a digital service. Unlike companies that manufacture physical products abroad and ship them back into the U.S., the streaming specialist won't have to deal with tariffs on imported goods it intends to sell to customers. The situation could still harm the company in various ways, perhaps if tariffs lead to inflation and increased expenses and costs for Netflix. Even so, the company appears better positioned than most to handle the current situation, especially since its business is currently running smoothly.</p>
<div class="lb-trans"><p>奈飞提供数字服务。与那些在国外制造实物产品并将其运回美国的公司不同，这家流媒体公司不必处理其打算销售给客户的进口商品的关税。尽管如此，如果关税导致通货膨胀和奈飞的费用和成本增加，仍可能以各种方式对公司造成伤害。即便如此，该公司似乎比大多数公司更能应对当前的局势，尤其是因为其业务目前运行顺利。</p>
</div><p>Netflix's revenue, earnings, and free cash flow have been growing at a good clip in recent years.</p>
<div class="lb-trans"><p>奈飞的收入、盈利和自由现金流近年来增长迅速。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6813af3b477d8b0a17b22f439b776a28.png" alt="" original-src="https://media.ycharts.com/charts/6813af3b477d8b0a17b22f439b776a28.png"/></p>
<p>NFLX Revenue (Quarterly) data by YCharts.</p>
<div class="lb-trans"><p>NFLX 收入（季度）数据来自 YCharts。</p>
</div><p>While streaming now seems ubiquitous, the fact that Netflix continues to expand its ecosystem suggests that there is still at least some remaining whitespace to be exploited. The data on television viewing time supports this. Netflix is currently second only to YouTube (which, strictly speaking, isn't a direct competitor) among streaming platforms in terms of TV viewing time in the U.S., but the company still captured just 8.7% of that total in August.</p>
<div class="lb-trans"><p>虽然流媒体现在似乎无处不在，但奈飞继续扩展其生态系统的事实表明，仍然有一些未被开发的市场空间。关于电视观看时间的数据支持了这一点。在美国，奈飞在流媒体平台中仅次于 YouTube（严格来说，YouTube 并不是直接竞争对手），但在 8 月份，该公司仅占总观看时间的 8.7%。</p>
</div><p>Has Netflix peaked? Hardly. In August, streaming accounted for less than half of TV time in the U.S. That number should grow substantially over the long run, taking Netflix along with it. Then there is the more recent advertising opportunity for the company. Netflix's ad business may still be in its infancy, but it boasts significant potential due to the company's competitive advantage: Its vast data trove. Netflix has precise statistics on viewer preferences and habits -- what people watch, when they watch it, and for how long.</p>
<div class="lb-trans"><p>奈飞是否已经达到顶峰？绝对不是。在 8 月份，流媒体在美国的电视观看时间中占比不到一半。这个数字在长期内应该会大幅增长，奈飞也将随之受益。还有公司最近的广告机会。奈飞的广告业务可能仍处于起步阶段，但由于公司拥有竞争优势：其庞大的数据资源，具有显著潜力。奈飞对观众偏好和习惯有精确的统计数据——人们观看什么、何时观看以及观看多长时间。</p>
</div><p>This data can allow it to launch precise, targeted, and successful ad campaigns. Growing engagement will only strengthen this competitive edge, which in turn helps Netflix direct its content production strategy effectively, ultimately leading to great success.</p>
<div class="lb-trans"><p>这些数据可以让它推出精准、针对性强且成功的广告活动。不断增长的参与度只会增强这一竞争优势，进而帮助奈飞有效地指导其内容生产策略，最终带来巨大的成功。</p>
</div><p>Netflix's robust and (mostly) tariff-proof business can help it perform relatively well, despite an uncertain economic landscape, and the company's economic moat and prospects also make it an attractive long-term option. Although the streaming giant has crushed the market this year, its shares remain a buy.</p>
<div class="lb-trans"><p>奈飞强大且（大部分）免受关税影响的业务可以帮助其在不确定的经济环境中表现相对良好，而公司的经济护城河和前景也使其成为一个有吸引力的长期选择。尽管这家流媒体巨头今年在市场上表现出色，但其股票仍然值得购买。</p>
</div><h2>2. Coca-Cola</h2>
<div class="lb-trans"><h2>2. 可口可乐</h2>
</div><p>Coca-Cola, a well-known beverage company, is a great tariff-resistant play for several reasons. First, as a leading consumer staples company in a defensive industry, it is likely to perform relatively well even when the economy slows. The word &#34;staple&#34; here is key. It refers to products that people buy consistently, regardless of economic conditions. So, even if tariffs lead to a meltdown, Coca-Cola should fare better than most.</p>
<div class="lb-trans"><p>可口可乐，这家知名饮料公司，因多种原因成为一个出色的抗关税投资选择。首先，作为防御性行业中的领先消费品公司，即使在经济放缓时，它的表现也可能相对良好。这里的 “消费品” 一词至关重要。它指的是人们在任何经济条件下都会持续购买的产品。因此，即使关税导致经济崩溃，可口可乐的表现也应该优于大多数公司。</p>
</div><p>Second, although the company manufactures and sells its products in nearly every country, Coca-Cola's manufacturing tends to be local. The company makes most of the products sold to U.S. consumers in the U.S., which limits the degree to which tariffs will affect its sales.</p>
<div class="lb-trans"><p>其次，尽管公司在几乎每个国家制造和销售其产品，但可口可乐的生产往往是本地化的。公司在美国销售给消费者的大部分产品都是在美国制造的，这限制了关税对其销售的影响程度。</p>
</div><p>Third, Coca-Cola is a terrific dividend stock. The company is a member of the elite Dividend Kings club, which is comprised of corporations that have increased their payouts for at least 50 consecutive years. Coca-Cola's streak stands at 63.</p>
<div class="lb-trans"><p>第三，可口可乐是一只出色的分红股票。该公司是精英分红国王俱乐部的成员，该俱乐部由至少连续 50 年增加分红的公司组成。可口可乐的连续分红记录已达到 63 年。</p>
</div><p>Why is this relevant? If economic and market conditions worsen and volatility increases, consistent and reliable income from dividends can help mitigate market losses -- provided, of course, that a company does not suspend its dividend program. Coca-Cola should remain in place regardless of the circumstances. The beverage leader's long-term streak shows that it can navigate almost any situation while still raising its dividends.</p>
<div class="lb-trans"><p>这有什么相关性？如果经济和市场条件恶化，波动性增加，来自分红的稳定和可靠的收入可以帮助减轻市场损失——当然，前提是公司不会暂停其分红计划。无论情况如何，可口可乐都应该保持不变。这家饮料领导者的长期记录表明，它能够在几乎任何情况下生存，同时仍能提高其分红。</p>
</div><p>Lastly, Coca-Cola has solid long-term prospects. The company has remained successful thanks to its brand name, which carries considerable cachet, and its ability to evolve along with market needs. Coca-Cola has a vast portfolio of products and consistently launches new products to respond to customer needs. The company should remain a resilient business for many years to come, regardless of how the evolving tariff wars ultimately conclude.</p>
<div class="lb-trans"><p>最后，可口可乐拥有良好的长期前景。该公司凭借其品牌名称的巨大影响力和随市场需求变化而不断发展的能力，保持了成功。可口可乐拥有庞大的产品组合，并不断推出新产品以满足客户需求。无论不断变化的关税战争最终如何结束，该公司在未来许多年里都应该保持韧性。</p>
</div>

Tariff Wars Are Back -- Here's How Savvy Investors Can Position Their Portfolios

- 特朗普的贸易政策引发华尔街关注，影响投资者决策。  
- Netflix 和可口可乐被认为是应对关税挑战的吸引投资选择。  
- Netflix 的数字服务和可口可乐的本地生产使其在经济不确定性中表现较好。

关税战争卷土重来——精明的投资者可以如何调整他们的投资组合