<p>美國總統唐納德·特朗普的貿易政策今年在華爾街成為熱門話題，甚至可能比人工智能等令人興奮的投資機會更受關注。政府試圖對來自大多數國家的進口商品徵收關税。</p>
<p>這是一個不斷發展的局勢。根據《傻瓜投資網》的研究，關於某些關税合法性的持續法律挑戰正在提出。其他關税則受到各種豁免的影響，貿易協議正在談判中。</p>
<p>在這一切發生的情況下，投資者調整投資組合併購買能夠應對這一挑戰的公司的股票是個好主意。沒有任何公司能夠完全免受關税的影響，但我們來考慮一下為什麼 <strong>奈飛</strong>(NFLX -0.60%) 和 <strong>可口可樂</strong>(KO 0.44%) 在當前環境中可能是有吸引力的投資。</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>圖片來源：Getty Images。</p>
<h2>1. 奈飛</h2>
<p>奈飛提供數字服務。與那些在國外製造實物產品並將其運回美國的公司不同，這家流媒體公司不必處理其打算銷售給客户的進口商品的關税。儘管如此，如果關税導致通貨膨脹和奈飛的費用和成本增加，仍可能以各種方式對公司造成傷害。即便如此，該公司似乎比大多數公司更能應對當前的局勢，尤其是因為其業務目前運行順利。</p>
<p>奈飛的收入、盈利和自由現金流近年來增長迅速。</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）數據來自 YCharts。</p>
<p>雖然流媒體現在似乎無處不在，但奈飛繼續擴展其生態系統的事實表明，仍然有一些未被開發的市場空間。關於電視觀看時間的數據支持了這一點。在美國，奈飛在流媒體平台中僅次於 YouTube（嚴格來説，YouTube 並不是直接競爭對手），但在 8 月份，該公司僅佔總觀看時間的 8.7%。</p>
<p>奈飛是否已經達到頂峯？絕對不是。在 8 月份，流媒體在美國的電視觀看時間中佔比不到一半。這個數字在長期內應該會大幅增長，奈飛也將隨之受益。還有公司最近的廣告機會。奈飛的廣告業務可能仍處於起步階段，但由於公司擁有競爭優勢：其龐大的數據資源，具有顯著潛力。奈飛對觀眾偏好和習慣有精確的統計數據——人們觀看什麼、何時觀看以及觀看多長時間。</p>
<p>這些數據可以讓它推出精準、針對性強且成功的廣告活動。不斷增長的參與度只會增強這一競爭優勢，進而幫助奈飛有效地指導其內容生產策略，最終帶來巨大的成功。</p>
<p>奈飛強大且（大部分）免受關税影響的業務可以幫助其在不確定的經濟環境中表現相對良好，而公司的經濟護城河和前景也使其成為一個有吸引力的長期選擇。儘管這家流媒體巨頭今年在市場上表現出色，但其股票仍然值得購買。</p>
<h2>2. 可口可樂</h2>
<p>可口可樂，這家知名飲料公司，因多種原因成為一個出色的抗關税投資選擇。首先，作為防禦性行業中的領先消費品公司，即使在經濟放緩時，它的表現也可能相對良好。這裏的 “消費品” 一詞至關重要。它指的是人們在任何經濟條件下都會持續購買的產品。因此，即使關税導致經濟崩潰，可口可樂的表現也應該優於大多數公司。</p>
<p>其次，儘管公司在幾乎每個國家制造和銷售其產品，但可口可樂的生產往往是本地化的。公司在美國銷售給消費者的大部分產品都是在美國製造的，這限制了關税對其銷售的影響程度。</p>
<p>第三，可口可樂是一隻出色的分紅股票。該公司是精英分紅國王俱樂部的成員，該俱樂部由至少連續 50 年增加分紅的公司組成。可口可樂的連續分紅記錄已達到 63 年。</p>
<p>這有什麼相關性？如果經濟和市場條件惡化，波動性增加，來自分紅的穩定和可靠的收入可以幫助減輕市場損失——當然，前提是公司不會暫停其分紅計劃。無論情況如何，可口可樂都應該保持不變。這家飲料領導者的長期記錄表明，它能夠在幾乎任何情況下生存，同時仍能提高其分紅。</p>
<p>最後，可口可樂擁有良好的長期前景。該公司憑藉其品牌名稱的巨大影響力和隨市場需求變化而不斷發展的能力，保持了成功。可口可樂擁有龐大的產品組合，並不斷推出新產品以滿足客户需求。無論不斷變化的關税戰爭最終如何結束，該公司在未來許多年裏都應該保持韌性。</p>

奈飛

可口可樂

<p>美國總統特朗普的貿易政策，包括對進口商品的關税，正在影響投資者。研究建議調整投資組合，以包括像奈飛和可口可樂這樣的公司。奈飛作為一種數字服務，受到關税的影響較小，並且在廣告方面顯示出強勁的增長潛力。可口可樂作為消費必需品，由於本地生產和長期的分紅增長曆史，表現出韌性。這兩家公司在當前經濟環境中能夠有效應對，使其在關税不確定性中成為有吸引力的投資選擇</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>美國總統唐納德·特朗普的貿易政策今年在華爾街成為熱門話題，甚至可能比人工智能等令人興奮的投資機會更受關注。政府試圖對來自大多數國家的進口商品徵收關税。</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>這是一個不斷發展的局勢。根據《傻瓜投資網》的研究，關於某些關税合法性的持續法律挑戰正在提出。其他關税則受到各種豁免的影響，貿易協議正在談判中。</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>在這一切發生的情況下，投資者調整投資組合併購買能夠應對這一挑戰的公司的股票是個好主意。沒有任何公司能夠完全免受關税的影響，但我們來考慮一下為什麼 <strong>奈飛</strong>(NFLX -0.60%) 和 <strong>可口可樂</strong>(KO 0.44%) 在當前環境中可能是有吸引力的投資。</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>圖片來源：Getty Images。</p>
</div><h2>1. Netflix</h2>
<div class="lb-trans"><h2>1. 奈飛</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>奈飛提供數字服務。與那些在國外製造實物產品並將其運回美國的公司不同，這家流媒體公司不必處理其打算銷售給客户的進口商品的關税。儘管如此，如果關税導致通貨膨脹和奈飛的費用和成本增加，仍可能以各種方式對公司造成傷害。即便如此，該公司似乎比大多數公司更能應對當前的局勢，尤其是因為其業務目前運行順利。</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>奈飛的收入、盈利和自由現金流近年來增長迅速。</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）數據來自 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>雖然流媒體現在似乎無處不在，但奈飛繼續擴展其生態系統的事實表明，仍然有一些未被開發的市場空間。關於電視觀看時間的數據支持了這一點。在美國，奈飛在流媒體平台中僅次於 YouTube（嚴格來説，YouTube 並不是直接競爭對手），但在 8 月份，該公司僅佔總觀看時間的 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>奈飛是否已經達到頂峯？絕對不是。在 8 月份，流媒體在美國的電視觀看時間中佔比不到一半。這個數字在長期內應該會大幅增長，奈飛也將隨之受益。還有公司最近的廣告機會。奈飛的廣告業務可能仍處於起步階段，但由於公司擁有競爭優勢：其龐大的數據資源，具有顯著潛力。奈飛對觀眾偏好和習慣有精確的統計數據——人們觀看什麼、何時觀看以及觀看多長時間。</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>這些數據可以讓它推出精準、針對性強且成功的廣告活動。不斷增長的參與度只會增強這一競爭優勢，進而幫助奈飛有效地指導其內容生產策略，最終帶來巨大的成功。</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>奈飛強大且（大部分）免受關税影響的業務可以幫助其在不確定的經濟環境中表現相對良好，而公司的經濟護城河和前景也使其成為一個有吸引力的長期選擇。儘管這家流媒體巨頭今年在市場上表現出色，但其股票仍然值得購買。</p>
</div><h2>2. Coca-Cola</h2>
<div class="lb-trans"><h2>2. 可口可樂</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>可口可樂，這家知名飲料公司，因多種原因成為一個出色的抗關税投資選擇。首先，作為防禦性行業中的領先消費品公司，即使在經濟放緩時，它的表現也可能相對良好。這裏的 “消費品” 一詞至關重要。它指的是人們在任何經濟條件下都會持續購買的產品。因此，即使關税導致經濟崩潰，可口可樂的表現也應該優於大多數公司。</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，儘管公司在幾乎每個國家制造和銷售其產品，但可口可樂的生產往往是本地化的。公司在美國銷售給消費者的大部分產品都是在美國製造的，這限制了關税對其銷售的影響程度。</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，可口可樂是一隻出色的分紅股票。該公司是精英分紅國王俱樂部的成員，該俱樂部由至少連續 50 年增加分紅的公司組成。可口可樂的連續分紅記錄已達到 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>這有什麼相關性？如果經濟和市場條件惡化，波動性增加，來自分紅的穩定和可靠的收入可以幫助減輕市場損失——當然，前提是公司不會暫停其分紅計劃。無論情況如何，可口可樂都應該保持不變。這家飲料領導者的長期記錄表明，它能夠在幾乎任何情況下生存，同時仍能提高其分紅。</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>最後，可口可樂擁有良好的長期前景。該公司憑藉其品牌名稱的巨大影響力和隨市場需求變化而不斷發展的能力，保持了成功。可口可樂擁有龐大的產品組合，並不斷推出新產品以滿足客户需求。無論不斷變化的關税戰爭最終如何結束，該公司在未來許多年裏都應該保持韌性。</p>
</div>

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

- 特朗普的貿易政策引發華爾街關注，影響投資者決策。  
- Netflix 和可口可樂被認為是應對關税挑戰的吸引投資選擇。  
- Netflix 的數字服務和可口可樂的本地生產使其在經濟不確定性中表現較好。

關税戰爭捲土重來——精明的投資者可以如何調整他們的投資組合