General Motors said Tuesday it expects to get a $500 million tariff refund after the Supreme Court struck down some of President Donald Trump’s levies, and it lifted its 2026 earnings outlook as it digests a shifting trade picture. The automaker now expects 2026 earnings before interest and taxes of $13.5 billion to $15.5 billion, up from its prior forecast of $13 billion to $15 billion.
Mary Barra told shareholders in a letter that GM is operating in a very dynamic environment, but said the company is seeing solid growth and has a strong balance sheet to achieve its long-term goals. GM also said it expects to pay $2.5 billion to $3.5 billion in tariff costs for 2026, down from an earlier estimate of $3 billion to $4 billion, even as it continues to absorb other levies still in force on foreign steel, aluminum, cars and other products.
The refund estimate is tied to tariffs imposed under the International Emergency Economic Powers Act and later struck down by the court in February. Last week, Customs and Border Protection launched an online claims system for companies seeking money back, and the agency said in court filings that more than 330,000 importers paid about $166 billion on over 53 million shipments. GM said it has not received the refund yet, and approved claims are expected to take 60 to 90 days to process.
Barra’s message comes after GM reported first-quarter 2026 earnings of $2.63 billion and revenue of $43.62 billion, underscoring that the company is still generating solid results while trade policy churns around it. The friction is that the tariffs most closely tied to GM’s refund are only one part of the company’s cost burden; the remaining sectoral duties are still in place, and GM is still paying them.
Trump said last week that he will remember companies that do not seek refunds from his IEEPA tariffs, adding that he thinks it is brilliant if they do not ask for the money back and warning that those firms should know him very well. For GM, the math is simpler: it is asking for the refund, and it now expects the cash to help offset a tariff bill that remains painful even after the court ruling.