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<p>在总统唐纳德·特朗普推迟对多个关键家居商品类别的关税增加后，家具零售商的股票在盘前交易中上涨，这为面临疲弱消费者需求和成本压力的行业提供了暂时的缓解。</p>
<p>周三晚些时候，特朗普签署了一项公告，将对软垫家具、厨房橱柜和洗手台的关税提高推迟一年，推迟至 2027 年。</p>
<p>这一举措使现有关税暂时维持在 25%，而不是如原计划那样在明年大幅上升。</p>
<p>去年九月，特朗普曾下令对厨房橱柜和软垫家具征收 25% 的新关税，该关税于十月生效。</p>
<p>根据原计划，关税率预计到 2026 年分别将上升至 50% 和 30%，这引发了家具行业对价格上涨、利润压缩和需求减弱的担忧。</p>
<p>在公告发布后，在线家具零售商 Wayfair 的股票在开盘前上涨了约 4%。</p>
<p>Wayfair 在很大程度上依赖于来自中国和越南的进口，这两个国家是美国最大的家具供应国。</p>
<p>拥有 Pottery Barn 和 West Elm 等品牌的 Williams-Sonoma 上涨超过 2%，而奢侈家具零售商 RH 在盘前交易中上涨约 5.5%。</p>
<p>RH 和 Williams-Sonoma 近年来一直在努力多元化其供应链，以减少对任何单一国家的依赖。</p>
<h2>与进口激增担忧相关的关税</h2>
<p>这些关税最初被政府作为对进口家具和橱柜大量涌入美国市场的回应，特别是来自中国和越南的涌入而被合理化。</p>
<p>白宫在新年夜的公告中表示：“美国继续与贸易伙伴进行富有成效的谈判，以解决与木制品进口相关的贸易互惠和国家安全问题。”</p>
<p>瑞穗证券的分析师表示，这一决定将为家具零售商，尤其是 Wayfair 提供短期的喘息空间。</p>
<p>分析师 David Bellinger 和 Declan Kelley 在一份报告中表示：“该公司的市场模式迄今为止很好地吸收了价格，适时调整产品来源，避免了直接的利润压力。”</p>
<p>他们补充说，Wayfair 业务中的结构性变化正在帮助其获得市场份额，关税可能有利于那些在采购和定价上更具灵活性的大型企业。</p>
<h2>Wayfair 的估值担忧依然存在</h2>
<p>并非所有分析师都相信关税延迟会实质性改善长期前景。</p>
<p>杰富瑞上个月将 Wayfair 的评级下调至持有，认为该股票的估值已远超同行，尽管需求减弱的迹象显现。</p>
<p>杰富瑞表示，Wayfair 的交易价格接近于可比消费互联网公司的 40% 溢价，并警告称，若没有更强的盈利增长，进一步的估值扩张将是困难的。</p>
<p>该公司预计 2026 年 EBITDA 增长约为 12%，低于市场约 16% 的预期。</p>
<p>杰富瑞还指出，网络流量和调查数据趋于疲软。</p>
<p>SimilarWeb 的数据表明，美国网站访问量在 11 月放缓，而 Morning Consult 的调查显示，随着中等收入消费者面临日益增长的劳动市场压力，购买意向转为负面。</p>
<h2>Williams-Sonoma 被视为更稳健的选择</h2>
<p>相比之下，Williams-Sonoma 在尽管面临宏观经济逆风的情况下，仍交出了稳健的第三季度业绩，因此受到分析师的更为青睐。</p>
<p>该公司报告的收入为 18.8 亿美元，同比增长 4.4%，超出市场预期，各品牌表现强劲。</p>
<p>分析师指出，Williams-Sonoma 的资产负债表、现金流生成和资本回报是其关键优势。</p>
<p>该公司大约将 30% 的收益作为股息支付，并目标设定在中高十位数的运营利润率，近年来始终如一地实现。</p>
<p>美国家具股票因特朗普推迟进口关税上涨的文章最初出现在 Invezz 上。</p>

<p>美国家具零售商的股票在盘前交易中大幅上涨，因为特朗普总统推迟了对关键家居商品的关税上涨，这在疲软的消费者需求中提供了暂时的缓解。此次延迟影响了对软垫家具和厨房橱柜的关税，维持现有税率而不是提高它们。像 Wayfair、Williams-Sonoma 和 RH 这样的公司股票均出现显著上涨。分析师指出，尽管这一延迟带来了短期利益，但对长期需求和估值的担忧依然存在，特别是对于 Wayfair，尽管其市场模式面临挑战</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/ChatGPT-Image-Jan-2-2026-07_41_22-PM.png" alt="" original-src="https://invezz.com/wp-content/uploads/2026/01/ChatGPT-Image-Jan-2-2026-07_41_22-PM.png"/></p>
<p>Shares of furniture retailers with significant exposure to US imports rose in premarket trading after President Donald Trump delayed planned tariff increases on several key home goods categories, offering temporary relief to a sector grappling with weak consumer demand and cost pressures.</p>
<div class="lb-trans"><p>在总统唐纳德·特朗普推迟对多个关键家居商品类别的关税增加后，家具零售商的股票在盘前交易中上涨，这为面临疲弱消费者需求和成本压力的行业提供了暂时的缓解。</p>
</div><p>Late on Wednesday, Trump signed a proclamation postponing higher tariffs on upholstered furniture, kitchen cabinets and vanities for one year, pushing the increase to 2027.</p>
<div class="lb-trans"><p>周三晚些时候，特朗普签署了一项公告，将对软垫家具、厨房橱柜和洗手台的关税提高推迟一年，推迟至 2027 年。</p>
</div><p>The move keeps existing tariffs at 25% for now, rather than allowing them to rise sharply next year as previously scheduled.</p>
<div class="lb-trans"><p>这一举措使现有关税暂时维持在 25%，而不是如原计划那样在明年大幅上升。</p>
</div><p>In September, Trump had ordered new tariffs of 25% on kitchen cabinets and upholstered furniture, which took effect in October.</p>
<div class="lb-trans"><p>去年九月，特朗普曾下令对厨房橱柜和软垫家具征收 25% 的新关税，该关税于十月生效。</p>
</div><p>Under the original plan, rates were due to climb to 50% and 30% respectively by 2026, raising concerns across the furniture industry about higher prices, squeezed margins and softer demand.</p>
<div class="lb-trans"><p>根据原计划，关税率预计到 2026 年分别将上升至 50% 和 30%，这引发了家具行业对价格上涨、利润压缩和需求减弱的担忧。</p>
</div><p>Following the announcement, shares of online furniture retailer Wayfair rose about 4% before the opening bell.</p>
<div class="lb-trans"><p>在公告发布后，在线家具零售商 Wayfair 的股票在开盘前上涨了约 4%。</p>
</div><p>Wayfair relies heavily on imports from China and Vietnam, two of the largest suppliers of furniture to the US.</p>
<div class="lb-trans"><p>Wayfair 在很大程度上依赖于来自中国和越南的进口，这两个国家是美国最大的家具供应国。</p>
</div><p>Williams-Sonoma, owner of brands including Pottery Barn and West Elm, gained over 2%, while luxury furniture retailer RH climbed around 5.5% in premarket trading.</p>
<div class="lb-trans"><p>拥有 Pottery Barn 和 West Elm 等品牌的 Williams-Sonoma 上涨超过 2%，而奢侈家具零售商 RH 在盘前交易中上涨约 5.5%。</p>
</div><p>Both RH and Williams-Sonoma have been working in recent years to diversify their supply chains to reduce reliance on any single country.</p>
<div class="lb-trans"><p>RH 和 Williams-Sonoma 近年来一直在努力多元化其供应链，以减少对任何单一国家的依赖。</p>
</div><h2>Tariffs tied to import surge concerns</h2>
<div class="lb-trans"><h2>与进口激增担忧相关的关税</h2>
</div><p>The tariffs were originally justified by the administration as a response to what it described as large-scale flooding of imported furniture and cabinetry into the US market, particularly from China and Vietnam.</p>
<div class="lb-trans"><p>这些关税最初被政府作为对进口家具和橱柜大量涌入美国市场的回应，特别是来自中国和越南的涌入而被合理化。</p>
</div><p>“The United States continues to engage in productive negotiations with trade partners to address trade reciprocity and national security concerns with respect to imports of wood products,” the White House said in the New Year’s Eve proclamation announcing the delay.</p>
<div class="lb-trans"><p>白宫在新年夜的公告中表示：“美国继续与贸易伙伴进行富有成效的谈判，以解决与木制品进口相关的贸易互惠和国家安全问题。”</p>
</div><p>Analysts at Mizuho said the decision would provide near-term breathing room for furniture retailers, especially Wayfair.</p>
<div class="lb-trans"><p>瑞穗证券的分析师表示，这一决定将为家具零售商，尤其是 Wayfair 提供短期的喘息空间。</p>
</div><p>“The company’s marketplace model has absorbed pricing well to date, flexing product sourcing where appropriate and avoiding direct margin pressure,” analysts David Bellinger and Declan Kelley said in a note.</p>
<div class="lb-trans"><p>分析师 David Bellinger 和 Declan Kelley 在一份报告中表示：“该公司的市场模式迄今为止很好地吸收了价格，适时调整产品来源，避免了直接的利润压力。”</p>
</div><p>They added that structural changes in Wayfair’s business were helping it gain market share, with tariffs potentially favouring larger players that have more flexibility in sourcing and pricing.</p>
<div class="lb-trans"><p>他们补充说，Wayfair 业务中的结构性变化正在帮助其获得市场份额，关税可能有利于那些在采购和定价上更具灵活性的大型企业。</p>
</div><h2>Valuation concerns linger for Wayfair</h2>
<div class="lb-trans"><h2>Wayfair 的估值担忧依然存在</h2>
</div><p>Not all analysts are convinced that the tariff delay materially improves the longer-term outlook.</p>
<div class="lb-trans"><p>并非所有分析师都相信关税延迟会实质性改善长期前景。</p>
</div><p>Jefferies downgraded Wayfair to Hold last month, arguing that the stock’s valuation has expanded well beyond peers despite signs of weakening demand.</p>
<div class="lb-trans"><p>杰富瑞上个月将 Wayfair 的评级下调至持有，认为该股票的估值已远超同行，尽管需求减弱的迹象显现。</p>
</div><p>Wayfair trades at close to a 40% premium to comparable consumer internet companies, Jefferies said, warning that further multiple expansion would be difficult without stronger earnings growth.</p>
<div class="lb-trans"><p>杰富瑞表示，Wayfair 的交易价格接近于可比消费互联网公司的 40% 溢价，并警告称，若没有更强的盈利增长，进一步的估值扩张将是困难的。</p>
</div><p>The firm expects about 12% EBITDA growth in 2026, below the market’s expectations of around 16%.</p>
<div class="lb-trans"><p>该公司预计 2026 年 EBITDA 增长约为 12%，低于市场约 16% 的预期。</p>
</div><p>Jefferies also flagged softer web traffic and survey data.</p>
<div class="lb-trans"><p>杰富瑞还指出，网络流量和调查数据趋于疲软。</p>
</div><p>SimilarWeb data showed US site visits slowing in November, while Morning Consult surveys indicated buying intent turning negative as middle-income consumers faced growing labour market pressures.</p>
<div class="lb-trans"><p>SimilarWeb 的数据表明，美国网站访问量在 11 月放缓，而 Morning Consult 的调查显示，随着中等收入消费者面临日益增长的劳动市场压力，购买意向转为负面。</p>
</div><h2>Williams-Sonoma seen as steadier play</h2>
<div class="lb-trans"><h2>Williams-Sonoma 被视为更稳健的选择</h2>
</div><p>Williams-Sonoma, by contrast, has been viewed more favourably by analysts after delivering a solid third-quarter performance despite macroeconomic headwinds.</p>
<div class="lb-trans"><p>相比之下，Williams-Sonoma 在尽管面临宏观经济逆风的情况下，仍交出了稳健的第三季度业绩，因此受到分析师的更为青睐。</p>
</div><p>The company reported revenue of $1.88 billion, up 4.4% year on year and ahead of market expectations, with strength across its brands.</p>
<div class="lb-trans"><p>该公司报告的收入为 18.8 亿美元，同比增长 4.4%，超出市场预期，各品牌表现强劲。</p>
</div><p>Analysts point to Williams-Sonoma’s balance sheet, cash flow generation and capital returns as key strengths.</p>
<div class="lb-trans"><p>分析师指出，Williams-Sonoma 的资产负债表、现金流生成和资本回报是其关键优势。</p>
</div><p>The company pays out roughly 30% of earnings as dividends and targets mid- to high-teens operating margins, which it has consistently delivered in recent years.</p>
<div class="lb-trans"><p>该公司大约将 30% 的收益作为股息支付，并目标设定在中高十位数的运营利润率，近年来始终如一地实现。</p>
</div><p>The post US furniture stocks jump as Trump delays tariff hikes on imports appeared first on Invezz</p>
<div class="lb-trans"><p>美国家具股票因特朗普推迟进口关税上涨的文章最初出现在 Invezz 上。</p>
</div>

由于特朗普推迟了对进口商品的关税上调，美国家具股出现上涨