Fox News Hourly Update – July 31, 2025, 10PM ET Newscast Summary

The latest episode of the Fox News Hourly Update hosted by Tom McConnell on July 31, 2025, provides a comprehensive overview of significant national and international developments. This detailed summary encapsulates the key discussions, insights, and conclusions drawn during the newscast.

1. U.S. Trade Policies and Tariffs

U.S.-South Korea Trade Deal: The newscast opened with significant updates on U.S. trade policies. President Trump announced a 15% tariff on imports from South Korea as part of a newly negotiated trade agreement between the two nations.

• Tom McConnell reported: “[00:02] The U.S. will put a 15% tariff on imports from South Korea.”

• Jameson Greer, U.S. Trade Representative, lauded Trump's approach: “[00:02] President Trump once again used his leverage effectively.”

Concessions from South Korea: In a reciprocal move, South Korea agreed to eliminate import duties on U.S. cars, trucks, and agricultural products.

• Rich Edson highlighted: “[00:19] President Trump has raised the natural leverage of the US Market to really obtain some significant concessions from the Koreans.”

Tariffs on India and Brazil: Expanding the trade discourse, President Trump also imposed new tariffs on India and Brazil amid ongoing negotiations with China.

• Rich Edson detailed: “[00:41] The president announced the United States will impose a 25% duty on imports from India, including an additional penalty... [He] is also escalating his fight with Brazil's government by signing an executive order imposing an additional 40% tariff on Brazilian imports, citing, 'the government of Brazil's politically motivated persecution, intimidation, harassment, censorship and prosecution of former Brazilian President Jair Bolsonaro.'”

China Trade Negotiations: Despite intensive discussions, American and Chinese negotiators concluded their two-day meeting in Stockholm without reaching an agreement. President Trump set a deadline:

• Tom McConnell stated: “[01:23] The president has given China a deadline of August 12th to agree to a trade deal.”

2. Federal Reserve and Economic Policies

Addressing economic stability, the newscast covered the Federal Reserve's recent decision on interest rates.

• Tom McConnell reported: “[01:23] The Federal Reserve is again ignoring calls from President Trump to lower interest rates. At their meeting today, they left rates unchanged.”

Federal Reserve's Stance: Federal Reserve Chair Jerome Powell defended the decision:

• Powell cited: “[01:23] ... stable economic conditions despite elevated uncertainty. The economy is in a solid position. The unemployment rate remains low and the labor market is at or near maximum employment.”

Trump's Perspective: Contrastingly, President Trump dismissed inflation concerns:

• Tom McConnell relayed: “[01:23] Trump maintains inflation is no longer a factor.”

Interestingly, two members of the Fed's Board of Governors opposed the decision, voting to reduce rates, highlighting internal disagreements.

3. Violent Incidents and Public Safety

Midtown Manhattan Office Tower Shooting: The evening newscast brought forward tragic news from New York City.

• Tom McConnell introduced: “[03:08] The NYPD continues to unearth new info about the man who shot and killed four people in a Midtown Manhattan office tower.”

Details of the Incident: According to reports, the shooter, Shane Tamura, targeted the NFL headquarters with a firearm purchased from his supervisor in Las Vegas for $1,400.

• Shane Tamura left a chilling note: “[03:18] ... please study my brain. I'm sorry.”

Further investigations revealed additional notes and evidence of Tamura's mental health struggles, including antidepressants and ammunition found at his residence.

Virginia Magazine Attack: In a separate incident, Danville, Virginia, experienced an assault at Showcase Magazine.

• Andrew Brooks reported: “[04:03] Witnesses say it happened at Showcase magazine in Danville, Virginia, near the North Carolina border.”

• Rich Edson offered details: “[04:18] An individual forced his way into our office carrying a five-gallon bucket of gasoline and poured the gasoline on Lee.”

Victim and Suspect Information: The victim, Lee Vogler, a staffer and city councilman, was set on fire by the suspect, Shotzi Michael Buck Hayes, who was apprehended near the scene. Police attributed the attack to a personal dispute.

• Andrew Brooks concluded: “[04:27] Police say the attack was the result of a personal matter.”

4. Political Developments: Kamala Harris

The newscast also touched upon significant political announcements from Vice President Kamala Harris.

• Tom McConnell reported: “[04:47] Kamala Harris does not see the title of California governor in her immediate future. Harris announced today that she will not seek the office next year.”

Future Political Aspirations: While Harris declined to run for governor, speculation arises regarding her presidential ambitions.

• Tom McConnell added: “[04:47] There's still speculation Harris will run for president again in 2028. Harris says she will share more about her own plans in the months ahead.”

This episode of Fox News Hourly Update effectively covered pivotal issues ranging from international trade negotiations and economic policies to tragic violent incidents and significant political announcements. By integrating direct quotes and precise timestamps, the summary offers an engaging and informative overview for listeners and readers alike.