Update: News Update For July 31st 2025

Good morning, everyone. It isn’t even August yet, but fall pumpkin spice products are already hitting grocery store shelves. Take a look at some of the items you can buy. Now, the news.

 Jung Yeon-je/AFP via Getty Images

Need to know

President Trump announced a series of major trade decisions yesterday ahead of tomorrow’s tariff deadline, while the Federal Reserve contended with internal disagreements over interest rates and economic stability.

Tariffs: Trump announced tariffs of 50% on copper and Brazilian imports, 25% on Indian imports and 15% on South Korean imports. He also suspended a “de minimis” exemption, which allowed duty-free shipments of goods worth $800 or less. [Reuters]

Fed decision: The Fed chose to hold interest rates steady. However, two Fed governors dissented from the decision, calling for cuts. Fed Chair Jerome Powell has resisted pressure from Trump to cut rates, saying more time is needed to assess tariff impacts. [Time]

Today: A White House official confirmed that Trump plans to sign new executive orders to set the agreed-upon duties with countries that made trade deals and impose higher tariffs on those that weren’t able to. [Politico]

Jack Taylor/Reuters

In case you missed it

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Ozzy Osbourne’s funeral

Thousands paid their respects to Ozzy Osbourne at his funeral procession in Birmingham, England, where his widow, Sharon, and his children laid a bouquet at a memorial along the route. See the moving photos. [Yahoo Entertainment]

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Texas redistricting

Texas Republicans released a draft congressional map that’s part of their redistricting strategy to seize control of five Democratic seats in the U.S. House in next year’s midterms. Democrats plan to challenge the new map’s legality. [CBS News]

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Palestinian state support

Following in France and the U.K.’s footsteps, Canadian Prime Minister Mark Carney said his country plans to recognize a Palestinian state in September. However, the acknowledgement would depend on several key contingencies. [BBC News]

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Shannon Sharpe’s ouster

ESPN officially cut ties with NFL analyst Shannon Sharpe less than two weeks after he settled a sexual assault lawsuit with a former romantic partner. He hasn’t appeared on the network since April. Here’s what he had to say about it. [Yahoo Sports]

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Pizza delivery for the Pope

Pope Leo XIV was in his open-air popemobile when someone in the crowd at St. Peter’s Square handed him a box from Aurelio’s Pizza, a well-known pizzeria in his hometown of Chicago. Watch his response to the gesture. [USA Today]

What’s happening today

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Now streaming: The final episode of The Sandman, which is billed as a bonus episode, dropped overnight on Netflix. Here’s what it’s about. [People]

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On the field: The Rays and the Yankees play again at 1:05 p.m. ET on the MLB app. The rematch comes after the Yankees’ victory yesterday despite a major gaffe. [Yahoo Sports]

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On the court: The Valkyries and the Mystics, who are both coming off exciting wins earlier this week, tip off at 7:30 p.m. ET on Prime Video [AP]

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On TV: Project Runway is back with two episodes, starting at 9 p.m. ET on Freeform. Take a look at who the Season 21 judges are. [Entertainment Weekly]

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And don’t forget to: Read your daily horoscope. Play the crossword. Check the forecast in your area.