General Motors expects $500m refund

General Motors said Tuesday it expects about $500 million in tariff refunds after the Supreme Court struck down Trump-era emergency levies. (apnews.com) (investor.gm.com) The Detroit automaker raised its 2026 adjusted earnings guidance to $13.5 billion to $15.5 billion, up from $13 billion to $15 billion. It also lowered its expected tariff bill for the year to $2.5 billion to $3.5 billion. (apnews.com) (cnbc.com) (investor.gm.com) GM reported first-quarter revenue of $43.62 billion and adjusted earnings per share of $3.70, ahead of Wall Street estimates compiled by LSEG. Shares closed Tuesday at $78.95, up 1.3% on the day. (cnbc.com) The refund claim stems from a February 20 Supreme Court ruling that said the International Emergency Economic Powers Act does not let a president impose tariffs. The court split 6-3. (scotusblog.com) (cov.com) Those now-invalid tariffs included Trump’s 2025 “reciprocal” duties on imports from most countries and separate “trafficking” tariffs on goods from China, Canada and Mexico. Lower courts had let the government keep collecting them while the case moved to the justices. (scotusblog.com) (apnews.com) GM told investors it has not received the money yet. Customs and Border Protection opened an online claims system last week and said approved refunds should take 60 to 90 days, though the rollout is phased. (apnews.com) Customs said in court filings that more than 330,000 importers paid about $166 billion on more than 53 million shipments under the overturned tariffs. CNBC reported Wall Street expects roughly $160 billion in potential refunds across companies. (apnews.com) (cnbc.com) Other Trump tariffs are still in place, including Section 232 duties on steel, aluminum and autos. Covington said the White House also moved after the ruling to replace some IEEPA tariffs with Section 122 tariffs. (apnews.com) (cov.com) GM’s quarter also included $1.1 billion in special charges tied to its electric-vehicle pullback and supplier settlements, which lowered its net-income forecast even as adjusted guidance rose. The tariff refund helped the company’s reported outlook, but it did not erase the broader cost pressure from trade policy. (cnbc.com)