GM expects $500M tariff refund

General Motors said Tuesday it expects a $500 million refund from tariffs the Supreme Court struck down in February. (apnews.com) (cnbc.com) The Detroit automaker folded that expected refund into its first-quarter results and raised its 2026 adjusted earnings guidance to $13.5 billion to $15.5 billion, up $500 million. (cnbc.com) (usatoday.com) GM reported adjusted earnings per share of $3.70 on $43.62 billion in revenue for the quarter, ahead of Wall Street estimates compiled by LSEG. (cnbc.com) The refund traces back to a Feb. 20 Supreme Court ruling that blocked the Trump administration’s use of the International Emergency Economic Powers Act, or IEEPA, to impose broad tariffs. (cnbc.com) (grantthornton.com) That court win did not end GM’s tariff bill. Excluding the voided IEEPA levies, the company still expects $2.5 billion to $3.5 billion in gross tariff costs this year. (cnbc.com) The White House moved within hours of the ruling to impose a new 10% tariff under Section 122, a separate trade law that can last 150 days. Those duties took effect Feb. 24 and are set to expire July 24 unless Congress acts. (grantthornton.com) Administration officials are also pursuing more durable tariffs through Section 301 investigations covering forced labor and overproduction by major trading partners. Hearings began this week, according to the Associated Press. (usnews.com) For companies like GM, that means two things can be true at once: money paid under one tariff program may come back, while new duties under other laws keep arriving. (grantthornton.com) (usnews.com) GM has not yet received the refund, but it booked the expected benefit in the first quarter. Its shares closed Tuesday at $78.95, up 1.3% on the day. (cnbc.com)