Mary Barra Says GM Expects $500 Million Tariff Refund
mary barra said General Motors expects a $500 million tariff refund after the Supreme Court struck down some of President Donald Trump’s levies. The company also raised its 2026 earnings before interest and taxes forecast to $13.5 billion to $15.5 billion on Tuesday.
GM told shareholders that it has not received the refund yet. The automaker said it still expects to pay $2.5 billion to $3.5 billion in tariff costs in 2026, even after trimming that range from an earlier estimate of $3 billion to $4 billion.
Barra’s shareholder letter
Barra wrote to shareholders that GM is operating in “a very dynamic environment,” and said the company sees “solid growth and a strong balance sheet” to achieve its long-term goals. Her note came as GM reported first-quarter 2026 earnings of $2.63 billion and revenue of $43.62 billion.
The refund expectation follows the Supreme Court’s February ruling that tariffs Trump imposed using the International Emergency Economic Powers Act were illegal. Companies are now seeking refunds for IEEPA tariffs they already paid, and Customs and Border Protection launched an online claims system last week.
Trump Tariff Refund Claims
CBP said in court filings that over 330,000 importers paid about $166 billion on over 53 million shipments. The tariffs covered reciprocal levies on nearly every country in the world, trafficking tariffs on imports from Mexico, Canada and China, and separate duties on countries like Brazil and India.
Many other tariffs remain in effect, including sectoral levies on foreign steel, aluminum, cars and other products. GM continues to pay tariffs imposed under Section 232 of the 1962 Trade Expansion Act, so the refund does not erase all of its tariff costs.
Trump said last week that he will remember companies that do not seek refunds from his IEEPA tariffs, adding, “I think it’s brilliant if they don’t do that,” and, “If they don’t do that, they got to know me very well.” For GM, the immediate step is the claims process now moving through CBP, with the company saying it has not yet been paid.
