finance
Supreme Court Rules Trump Tariffs Illegal, Orders $500M GM Refund, Up to $166B Payouts
The U.S. Supreme Court invalidated tariffs imposed by the Trump administration a year ago, leading to potential refunds totaling $166 billion. General Motors announced it anticipates a $500 million refund and raised its 2026 guidance after topping earnings expectations. The company's stock rose as much as 6% following the news.
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U.S. Supreme Court struck down tariffs introduced by the Trump administration a year ago, prompting General Motors to announce it expects to receive a $500 million refund. The tariffs, known as 'Liberation Day' levies, were deemed illegal in the ruling.
1 billion tariff cost last year, making it one of the companies hardest hit by the measures. Following the Supreme Court decision, the Court of International Trade ordered the Customs and Border Protection agency to begin recalculating duties and issuing refunds.
The Trump administration may need to issue as much as $166 billion in tariff refunds, with total refunds estimated to reach that amount.
An online portal set up by the Customs and Border Protection for refunds had more than 26,000 registrations as of March 26. General Motors' stock soared as much as 6% on Tuesday amid the developments. General Motors raised its 2026 guidance in connection with the expected refund.
The company also topped Wall Street’s earnings expectations in its latest quarterly results. CNBC's Phil LeBeau discussed General Motors' quarterly earnings results on 'Squawk Box'. The tariffs had been introduced by the Trump administration a year ago, affecting automakers like General Motors significantly.
