GM Gets $500M Tariff Refund, Boosts Profit Forecast

0:00It's April 28th, I'm Cory with the story, and this is Durham News today, local news powered by AI. General Motors just dropped some big news. They're expecting a $500 million refund from tariffs, the Supreme Court ruled illegal. CEO Mary Barra laid it out in a letter to shareholders alongside their first quarter results, and it's enough to bump up their full-year profit, forecast by the same $500 million. This all stems from a February Supreme Court decision saying, President Trump couldn't slap on those tariffs under the International Emergency Economic. Powers Act without broader authority. The impact was huge. Over 330,000 importers, like GM, shelled out $166 billion total. Groups like the Nonpartisan Tax Foundation, figure it added about $700 to the bill for the average American household last year. Last week, the Fed's finally opened a refund portal so companies can start applying. On top of that, GM's full-size pickup trucks are flying off lots, despite gas prices

1:04on the rise. With this cash influx, GM's positioning for stronger gains ahead, and it might signal relief, rolling out wider for businesses caught in the tariff, crossfire.