General Motors said on Monday it expects to receive $500 million in refunds from tariffs that were ruled illegal by the Supreme Court.<\/p>\n
The automaker is now boosting its full-year profit forecast by $500 million, GM CEO Mary Barra\u00a0said in a letter<\/a> to shareholders as the company announced its Q1 results. Barra also cited strong sales of its full-size pickup trucks, despite rising gas prices.\u00a0<\/p>\n This photo provided by Chevrolet shows the Colorado ZR2 pickup. The ZR2 is the most capable version of the Colorado for going off-road.<\/span><\/span><\/span><\/p>\n Courtesy of General Motors via AP<\/span><\/p>\n<\/div>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n The federal government opened last week its refund portal to allow companies to apply to get tariff money back. The Supreme Court ruled in February<\/a> that the International Emergency Economic Powers Act did not give President Donald Trump the power to unilaterally impose tariffs.\u00a0<\/p>\n GM is one of more than 330,000 importers who paid the IEEPA tariffs that were invalidated, totaling $166 billion.<\/p>\n The IEEPA tariffs alone cost the typical American household $700 last year, according to the nonpartisan Tax Foundation.<\/p>\n<\/div>\n![\"Basic](\"https:\/\/i.abcnewsfe.com\/a\/0f186d41-9655-4c19-a3f2-6166e6cb9afd\/gmc-main_1777376502942_hpMain.jpg?w=375 "\\"Basic")
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