GM’s stock is soaring after it announced a $500 million tariff refund

• GM said it expects to receive a $500 million refund after the Supreme Court struck down Trump’s tariffs.
• The automaker has been among the hardest hit by the levies, reporting a $3.1 billion tariff cost last year.
• The Supreme Court ruling means the Trump administration may need to issue as much as $166 billion in tariff refunds.

GM is set to cash in on the Supreme Court striking down Donald Trump’s tariffs.

The Detroit automaker’s stock soared as much as 6% on Tuesday as it announced a $500 millon tariff refund following the Supreme Court’s ruling that the “Liberation Day” levies introduced by the Trump administration a year ago were illegal.

The ruling prompted the Court of International Trade to order the Customs and Border Protection agency to begin recalculating duties and issuing refunds, which are estimated to total $166 billion.

An online portal that the CBP set up for refunds had more than 26,000 registrations as of March 26.

This is a developing story. Check back for updates.