tread water有两个含义和用法：

1. tread water

踩水（摆动四肢使身体在深水中保持直立）

to keep yourself vertical in deep water by moving your arms and legs

If you can't get back to the beach, tread water and wave for a lifeguard's help.

假如你无法游回岸边，可踩水并向救生员挥手求救。

I can tread water.

我能踩水自救。《福尔摩斯：基本演绎法》

2. tread water

〔尤指因等待某事发生而〕裹足不前；停滞不前；徘徊观望；原地踏步;毫无进展;不进不退，保持现状，无法取得任何重大进展；勉强能够维持目前的地位或地位

to make no progress while you are waiting for sth to happen

to make no progress in a particular situation, especially because you are waiting for something to happen.

例：

The US economy is treading water.

美国经济停滞不前。

I could either tread water until I was promoted, which looked to be a few years away, or I could change what I was doing.

我要么原地踏步直到获得晋升(这看来得是几年以后的事了)，要么改变现在正做的事情。

While this continues, the UK can expect to continue to tread water.

只要这种论战持续，英国很可能将继续原地踏步。

All I could do was tread water until the contracts arrived.

我能做的就是徘徊观望，直到合同送来。

With the company facing financial difficulties, they are just treading water until they can secure new investors.

公司面临财务困境，他们只能勉力维持现状，直到能够找到新的投资者。

After losing his job, he has been treading water, trying to figure out his next steps.

失业后，他一直在勉力维持着生计，努力寻找下一步的方向。

The team is treading water in the competition, waiting for a breakthrough to move forward.

团队在比赛中处于僵持状态，等待突破以前进。

With all the expenses we have to deal with in the new house, it feels like we're just treading water between paychecks.

因为要应付新房子的开支，我们的工资只是勉强够用。