<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?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/ChatGPT-Image-Jan-2-2026-07_41_22-PM.png"/></p>
<p>在總統唐納德·特朗普推遲對多個關鍵家居商品類別的關税增加後，傢俱零售商的股票在盤前交易中上漲，這為面臨疲弱消費者需求和成本壓力的行業提供了暫時的緩解。</p>
<p>週三晚些時候，特朗普簽署了一項公告，將對軟墊傢俱、廚房櫥櫃和洗手枱的關税提高推遲一年，推遲至 2027 年。</p>
<p>這一舉措使現有關税暫時維持在 25%，而不是如原計劃那樣在明年大幅上升。</p>
<p>去年九月，特朗普曾下令對廚房櫥櫃和軟墊傢俱徵收 25% 的新關税，該關税於十月生效。</p>
<p>根據原計劃，關税率預計到 2026 年分別將上升至 50% 和 30%，這引發了傢俱行業對價格上漲、利潤壓縮和需求減弱的擔憂。</p>
<p>在公告發布後，在線傢俱零售商 Wayfair 的股票在開盤前上漲了約 4%。</p>
<p>Wayfair 在很大程度上依賴於來自中國和越南的進口，這兩個國家是美國最大的傢俱供應國。</p>
<p>擁有 Pottery Barn 和 West Elm 等品牌的 Williams-Sonoma 上漲超過 2%，而奢侈傢俱零售商 RH 在盤前交易中上漲約 5.5%。</p>
<p>RH 和 Williams-Sonoma 近年來一直在努力多元化其供應鏈，以減少對任何單一國家的依賴。</p>
<h2>與進口激增擔憂相關的關税</h2>
<p>這些關税最初被政府作為對進口傢俱和櫥櫃大量湧入美國市場的回應，特別是來自中國和越南的湧入而被合理化。</p>
<p>白宮在新年夜的公告中表示：“美國繼續與貿易伙伴進行富有成效的談判，以解決與木製品進口相關的貿易互惠和國家安全問題。”</p>
<p>瑞穗證券的分析師表示，這一決定將為傢俱零售商，尤其是 Wayfair 提供短期的喘息空間。</p>
<p>分析師 David Bellinger 和 Declan Kelley 在一份報告中表示：“該公司的市場模式迄今為止很好地吸收了價格，適時調整產品來源，避免了直接的利潤壓力。”</p>
<p>他們補充説，Wayfair 業務中的結構性變化正在幫助其獲得市場份額，關税可能有利於那些在採購和定價上更具靈活性的大型企業。</p>
<h2>Wayfair 的估值擔憂依然存在</h2>
<p>並非所有分析師都相信關税延遲會實質性改善長期前景。</p>
<p>傑富瑞上個月將 Wayfair 的評級下調至持有，認為該股票的估值已遠超同行，儘管需求減弱的跡象顯現。</p>
<p>傑富瑞表示，Wayfair 的交易價格接近於可比消費互聯網公司的 40% 溢價，並警告稱，若沒有更強的盈利增長，進一步的估值擴張將是困難的。</p>
<p>該公司預計 2026 年 EBITDA 增長約為 12%，低於市場約 16% 的預期。</p>
<p>傑富瑞還指出，網絡流量和調查數據趨於疲軟。</p>
<p>SimilarWeb 的數據表明，美國網站訪問量在 11 月放緩，而 Morning Consult 的調查顯示，隨着中等收入消費者面臨日益增長的勞動市場壓力，購買意向轉為負面。</p>
<h2>Williams-Sonoma 被視為更穩健的選擇</h2>
<p>相比之下，Williams-Sonoma 在儘管面臨宏觀經濟逆風的情況下，仍交出了穩健的第三季度業績，因此受到分析師的更為青睞。</p>
<p>該公司報告的收入為 18.8 億美元，同比增長 4.4%，超出市場預期，各品牌表現強勁。</p>
<p>分析師指出，Williams-Sonoma 的資產負債表、現金流生成和資本回報是其關鍵優勢。</p>
<p>該公司大約將 30% 的收益作為股息支付，並目標設定在中高十位數的運營利潤率，近年來始終如一地實現。</p>
<p>美國傢俱股票因特朗普推遲進口關税上漲的文章最初出現在 Invezz 上。</p>

<p>美國傢俱零售商的股票在盤前交易中大幅上漲，因為特朗普總統推遲了對關鍵家居商品的關税上漲，這在疲軟的消費者需求中提供了暫時的緩解。此次延遲影響了對軟墊傢俱和廚房櫥櫃的關税，維持現有税率而不是提高它們。像 Wayfair、Williams-Sonoma 和 RH 這樣的公司股票均出現顯著上漲。分析師指出，儘管這一延遲帶來了短期利益，但對長期需求和估值的擔憂依然存在，特別是對於 Wayfair，儘管其市場模式面臨挑戰</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>在總統唐納德·特朗普推遲對多個關鍵家居商品類別的關税增加後，傢俱零售商的股票在盤前交易中上漲，這為面臨疲弱消費者需求和成本壓力的行業提供了暫時的緩解。</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>週三晚些時候，特朗普簽署了一項公告，將對軟墊傢俱、廚房櫥櫃和洗手枱的關税提高推遲一年，推遲至 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>這一舉措使現有關税暫時維持在 25%，而不是如原計劃那樣在明年大幅上升。</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，特朗普曾下令對廚房櫥櫃和軟墊傢俱徵收 25% 的新關税，該關税於十月生效。</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>根據原計劃，關税率預計到 2026 年分別將上升至 50% 和 30%，這引發了傢俱行業對價格上漲、利潤壓縮和需求減弱的擔憂。</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>在公告發布後，在線傢俱零售商 Wayfair 的股票在開盤前上漲了約 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 在很大程度上依賴於來自中國和越南的進口，這兩個國家是美國最大的傢俱供應國。</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>擁有 Pottery Barn 和 West Elm 等品牌的 Williams-Sonoma 上漲超過 2%，而奢侈傢俱零售商 RH 在盤前交易中上漲約 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 近年來一直在努力多元化其供應鏈，以減少對任何單一國家的依賴。</p>
</div><h2>Tariffs tied to import surge concerns</h2>
<div class="lb-trans"><h2>與進口激增擔憂相關的關税</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>這些關税最初被政府作為對進口傢俱和櫥櫃大量湧入美國市場的回應，特別是來自中國和越南的湧入而被合理化。</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>白宮在新年夜的公告中表示：“美國繼續與貿易伙伴進行富有成效的談判，以解決與木製品進口相關的貿易互惠和國家安全問題。”</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>瑞穗證券的分析師表示，這一決定將為傢俱零售商，尤其是 Wayfair 提供短期的喘息空間。</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>分析師 David Bellinger 和 Declan Kelley 在一份報告中表示：“該公司的市場模式迄今為止很好地吸收了價格，適時調整產品來源，避免了直接的利潤壓力。”</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>他們補充説，Wayfair 業務中的結構性變化正在幫助其獲得市場份額，關税可能有利於那些在採購和定價上更具靈活性的大型企業。</p>
</div><h2>Valuation concerns linger for Wayfair</h2>
<div class="lb-trans"><h2>Wayfair 的估值擔憂依然存在</h2>
</div><p>Not all analysts are convinced that the tariff delay materially improves the longer-term outlook.</p>
<div class="lb-trans"><p>並非所有分析師都相信關税延遲會實質性改善長期前景。</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>傑富瑞上個月將 Wayfair 的評級下調至持有，認為該股票的估值已遠超同行，儘管需求減弱的跡象顯現。</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>傑富瑞表示，Wayfair 的交易價格接近於可比消費互聯網公司的 40% 溢價，並警告稱，若沒有更強的盈利增長，進一步的估值擴張將是困難的。</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>該公司預計 2026 年 EBITDA 增長約為 12%，低於市場約 16% 的預期。</p>
</div><p>Jefferies also flagged softer web traffic and survey data.</p>
<div class="lb-trans"><p>傑富瑞還指出，網絡流量和調查數據趨於疲軟。</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 的數據表明，美國網站訪問量在 11 月放緩，而 Morning Consult 的調查顯示，隨着中等收入消費者面臨日益增長的勞動市場壓力，購買意向轉為負面。</p>
</div><h2>Williams-Sonoma seen as steadier play</h2>
<div class="lb-trans"><h2>Williams-Sonoma 被視為更穩健的選擇</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 在儘管面臨宏觀經濟逆風的情況下，仍交出了穩健的第三季度業績，因此受到分析師的更為青睞。</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>該公司報告的收入為 18.8 億美元，同比增長 4.4%，超出市場預期，各品牌表現強勁。</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>分析師指出，Williams-Sonoma 的資產負債表、現金流生成和資本回報是其關鍵優勢。</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>該公司大約將 30% 的收益作為股息支付，並目標設定在中高十位數的運營利潤率，近年來始終如一地實現。</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>美國傢俱股票因特朗普推遲進口關税上漲的文章最初出現在 Invezz 上。</p>
</div>

由於特朗普推遲了對進口商品的關税上調，美國傢俱股出現上漲