General Motors expects to receive a $500 million tariff refund, and has raised its full-year profit outlook.

General Motors said Tuesday it expects to receive a $500 million tariff refund after the Supreme Court rules related tariffs illegal, leading the company to raise its full-year profit outlook by $500 million. In a letter to shareholders, CEO Mary Barra noted that the company's first-quarter performance also benefited from strong sales of full-size pickups, despite pressure from rising gasoline prices. The refund stems from the Supreme Court's February ruling that the International Emergency Economic Powers Act (IEEPA) did not authorize President Trump to unilaterally impose tariffs. The federal government has recently opened an application portal allowing businesses to reclaim previously paid tariffs. General Motors is one of over 330,000 importers who paid tariffs later deemed invalid under IEEPA, with total tariff amounts reaching $166 billion. According to the nonpartisan Tax Foundation, such tariffs alone added approximately $700 in extra costs for the average American household last year.

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Original article: toutiao.com/article/1863781259259914/

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