General Motors says it expects $500M tariff refund after SCOTUS ruling
Article URL: https://abcnews.com/Business/general-motors-expects-500-million-tariff-refund-after/story?id=132447958 Comments URL: https://news.ycombinator.com/item?id=47937120 Points: 1 # Comments: 0
Article URL: https://abcnews.com/Business/general-motors-expects-500-million-tariff-refund-after/story?id=132447958
Comments URL: https://news.ycombinator.com/item?id=47937120
The company on Tuesday released a letter from CEO Mary Barra to shareholders.
General Motors said on Monday it expects to receive $500 million in refunds from tariffs that were ruled illegal by the Supreme Court.
The automaker is now boosting its full-year profit forecast by $500 million, GM CEO Mary Barra said in a letter to shareholders as the company announced its Q1 results. Barra also cited strong sales of its full-size pickup trucks, despite rising gas prices.
The federal government opened last week its refund portal to allow companies to apply to get tariff money back. The Supreme Court ruled in February that the International Emergency Economic Powers Act did not give President Donald Trump the power to unilaterally impose tariffs.
Will shoppers receive any savings from tariff refunds?
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