President Trump’s tariffs spent less than a day in the freezer, with a federal appeals court on Thursday staying a trade tribunal’s ruling that had voided many of the new duties.

The hold placed on the U.S. Court of International Trade’s decision is known as an administrative stay and wasn’t a ruling on the merits of the litigation, The Wall Street Journal’s Jan Wolfe and Alex Leary write. The Federal Circuit appeals court asked a group of companies that had challenged the tariffs to file a brief by June 5 laying out their case. It also told the Justice Department—which asked for the freeze on the trade court’s ruling earlier in the day—to respond to the companies’ arguments by June 9. The trade tribunal in New York on Wednesday ruled that Trump didn’t have the authority to impose the tariffs under an emergency powers act he had invoked. The administration’s urgency shows how high the stakes are for Trump’s sweeping trade agenda. The White House press secretary said the administration would press its challenge as far as possible, adding the Supreme Court ultimately should rule on it.

Complicating matters further, a federal judge in Washington, D.C., on Thursday joined the trade tribunal in calling the tariffs unlawful as he blocked the administration from collecting duties from two firms that brought their case before him. That injunction wouldn’t take effect for two weeks, however, allowing time for an appeal.

• The trade court had sided with 12 states and some small-business owners that argued tariffs hit their budgets. (WSJ)
• Nvidia’s plans for a facility in Shanghai drew fresh criticism from U.S. lawmakers that the chip maker is too close to China. (WSJ)
• Boeing’s CEO said the expected effect of tariffs remains unchanged and retaliatory duties from other governments are the biggest threat it faces. (WSJ)
• General Motors’ CEO voiced support for Trump’s tariffs, saying U.S. automakers face unfair disadvantages in the global marketplace. (WSJ)
• Elevated living costs and trade war worries have rattled Americans and Canadians, prompting many to cut back on spending, a new poll shows. (Dow Jones Newswires)
• Hyundai Motor is preparing to raise vehicle prices in the U.S. to help mitigate the effect of tariffs. (Bloomberg)

For many small businesses, the trade court’s ruling and the hold on it hours later brought yet more costly confusion.

The WSJ Logistics Report’s Liz Young and Paul Berger write that an artificial Christmas tree seller and other businesses that depend on imports are struggling to figure out whether to rush goods in from China, or hold off until the farrago of litigation is cleared away. The tariff truce with China had spurred many companies to stock up before the 90-day window closed. This raised the average spot rate to ship a 40-foot container from China to the West Coast up 17% over the past two weeks to $3,040, with a doubling or more of that rate expected.

Big retailers reporting earnings said they weren’t changing their plans after the whiplash from the dueling court rulings, the Journal’s Sarah Nassauer, Suzanne Kapner and Te-Ping Chen report. Executives from Costco, Kohl’s, Gap and Best Buy said they are absorbing tariff costs by shifting supply chains away from China and, in some cases, raising prices.

• Customs brokers had started to prepare refund claims for U.S. importers, after the trade court’s Wednesday ruling. (WSJ)

A classic American garment illustrates the hopes and challenges of making high-quality clothes in the U.S.: the navy blazer.

Jacob Hurwitz started his clothing company, American Trench, in 2013 intending to produce garments designed and made in the U.S., with as many components made domestically, as well. WSJ’s Sam Schube writes that Trump’s proposed tariffs are meant to reinvigorate U.S. manufacturing, but they can’t instantaneously address two stark facts: Few American factories are capable of producing high-quality textiles and clothing, and doing so is more expensive here than in other countries. Much of the know-how disappeared as clothing production shifted overseas. For Hurwitz, the blazer was a labor of love. He and his U.S. partners—including a high-tech factory in Queens, N.Y. specializing in tailored clothing—were able to produce a blazer that has sold well for $795, below the $1,000-plus similar garments could command. 

• Bank of America economists said the U.S. reshoring of manufacturing has peaked, except in a few sectors. (Barron’s)

The number of homes going under contract in the U.S. fell sharply in April, as high mortgage prices continue to hamper the market. (WSJ)

South Korea’s central bank slashed its growth outlook for the year, cutting its policy rate to support the country’s sagging export-led economy. (WSJ)

South Africa’s central bank cut its main repo rate by 25 basis points to 7.25% as tensions with the U.S. continue amid global economic uncertainty. (WSJ)

A wave of staff departures is building across the Federal Aviation Administration, potentially affecting divisions overseeing air traffic, legal matters and space launches. (WSJ)

Taiwan’s Foxconn Technology Group said 2025 revenue would beat last year’s, after the world’s No. 1 contract electronics maker cut its outlook earlier this month. (WSJ)

Li Auto posted higher-than-expected quarterly profit but guided for softer revenue growth ahead as it faces tough competition in China’s crowded EV market. (WSJ)

Brazilian airline Azul filed for chapter 11 protection in the U.S., the latest Latin American carrier to seek bankruptcy. (WSJ)

An unconventional launch method, Kim Jong Un’s rushed timetable and a top-heavy warship overladen with weapons led to the botched splashing of a North Korean destroyer. (WSJ)

A mechanical failure of a Mediterranean Shipping containership’s ballast system likely caused its May 25 sinking off the Indian coast, officials said. (Seatrade Maritime News)

Refrigerated containers and masses of plastic pellets called nurdles have washed onto the Indian shore following the containership’s sinking. (Maritime Executive)

Yemen’s Houthi militants said they won’t target ships transiting the Red Sea so long as they don’t stop at Israel’s port of Haifa. (The Loadstar)

BNSF Railway is adjusting its network to be ready for a surge of import shipments following the tariff truce between China and the U.S. (Trains Magazine)

Cargo ship crew members reported inadequate medical care and rising fatigue, with more than a third saying in a study they hadn’t slept enough in the previous 48 hours. (gCaptain)

Truck drivers in Iran have blocked roads and ports since going on strike on May 22, protesting low pay and proposed fuel-price hikes. (Supply Chain Brain)

• Big private-equity firms increasingly are taking two different approaches as they strive to expand, with most following an “asset light” strategy.
• U.S. venture capitalists are racing to tap into China’s growing biotechnology prowess.
• Some of the U.S. banks that cut ties with a leading industry climate group have shifted how they talk about their climate efforts.
• Nespresso wants to win over Gen Z coffee drinkers. It’s having to get more playful with its marketing to do so.

Mark R. Long is editor of WSJ Logistics Report. Reach him at mark.long@wsj.com. Follow the WSJ Logistics Report team on LinkedIn: Mark R. Long, Liz Young and Paul Berger.