US media coverage on July 31 centered on President Trump's evolving trade policies and new revelations regarding past political controversies. The day began with reports confirming his South Korea trade deal, a continuation from previous discussions, alongside the Federal Reserve's decision to hold interest rates, defying presidential pressure. Early afternoon saw a shift to Trump's assertive foreign policy, with threats of trade repercussions for Canada if it recognized a Palestinian state, while his broader tariffs faced legal challenges in federal courts. By late afternoon, a key development emerged: Trump agreed to pause higher tariffs on Mexico for 90 days. Concurrently, declassified documents detailing Hillary Clinton's alleged plan to "smear" Trump with Russia collusion gained significant traction, becoming a prominent domestic political narrative. The day concluded with the impending general tariff deadline creating uncertainty for many trading partners.