The Trump administration’s threat to impose 50% tariffs on the European Union and steep tariffs of varying sizes on other critical American trading partners is in limbo, leaving both trade experts and America’s trading partners around the world cautious.

A panel of U.S. federal judges blocked a set of across-the-board levies Wednesday, causing a brief burst of optimism: Stocks rose internationally as investors hoped the decision, handed down by the U.S. Court of International Trade, might restrain the assault that Washington is waging on world markets.

But on Thursday evening, another court temporarily froze the first court’s decision, a move that will allow the tariffs to stay in place for now, buying time for judges to sort through legal arguments and underscoring that the trade war re

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