General Motors says it expects $500 million tariff refund after SCOTUS ruling
A General Motors Co. Chevrolet dealership in Colma, California, US, on Friday, Jan. 23, 2026. (David Paul Morris/Bloomberg via Getty Images)
(NEW YORK) — General Motors said on Monday it expects to receive $500 million in refunds from tariffs that were ruled illegal by the Supreme Court.
The automaker is now boosting its full-year profit forecast by $500 million, GM CEO Mary Barra said in a letter to shareholders as the company announced its Q1 results. Barra also cited strong sales of its full-size pickup trucks, despite rising gas prices.
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 that the International Emergency Economic Powers Act did not give President Donald Trump the power to unilaterally impose tariffs.
GM is one of more than 330,000 importers who paid the IEEPA tariffs that were invalidated, totaling $166 billion.
The IEEPA tariffs alone cost the typical American household $700 last year, according to the nonpartisan Tax Foundation.
Traders work on the floor of the New York Stock Exchange during morning trading on March 10, 2026 in New York City. Stocks continued to slide at the opening due to the war in Iran and oil prices hovering around $90 per barrel. (Photo by Michael M. Santiago/Getty Images)
(NEW YORK) — The Dow Jones Industrial Average closed down more than 700 points on Thursday as global oil prices spiked above $100 a barrel.
The Dow plunged 730 points, or 1.5%, while the S&P 500 dropped 1.5%. The tech-heavy Nasdaq declined 1.7%.
A selloff hit Wall Street as traders feared economic fallout from a potentially prolonged bout of elevated oil prices amid the U.S.-Israeli war with Iran.
Oil markets are suffering a major supply shortage due to an Iranian blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.
Global crude oil prices hovered at about $101 per barrel on Thursday, which marked a 9% increase from a day earlier. Oil prices have soared 49% over the past month.
Prices at the pump have also soared. U.S. gasoline prices jumped to $3.59 on Thursday from $2.94 a month earlier, AAA data showed.
Indexes fell worldwide on Thursday as the jump in oil prices rippled through global markets. Tokyo’s Nikkei 225 index dropped 1.2%, while pan-European STOXX 600 index slipped 0.5%.
In recent days, President Donald Trump has voiced mixed messages about how the White House may address oil prices and related cost woes.
Trump has indicated the war may end soon, but he has also threatened to escalate the conflict if Iran continues to impede tanker traffic in the Strait of Hormuz.
“The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money. BUT, of far greater interest and importance to me, as President, is stoping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World,” Trump said.
In a social media post on Thursday morning, Trump downplayed the rising oil prices, saying they would financially benefit the U.S.
In his first purported message, Mojtaba Khamenei, the newly installed supreme leader of Iran, on Thursday addressed the importance of the Strait of Hormuz.
Khamenei said the closure of the shipping route must be sustained as a “tool to pressure the enemy,” according to CNBC.
This is a developing story. Please check back for updates.
Kevin Warsh, former governor of the US Federal Reserve, during the International Monetary Fund (IMF) and World Bank Spring meetings on Friday, April 25, 2025. (Tierney L. Cross/Bloomberg via Getty Images)
(WASHINGTON) — President Donald Trump’s selection to chair the Federal Reserve, Kevin Warsh, will testify in a Senate confirmation hearing on Tuesday as his nomination faces bipartisan opposition centered on a federal criminal investigation into the central bank’s current leader.
The probe into Fed Chair Jerome Powell, which focuses on alleged false testimony to Congress about an office renovation, threatens to derail or delay Warsh’s nomination.
Powell, who was appointed by Trump in 2017, has rebuked the probe as a politically motivated effort to influence interest-rate policy.
Warsh, a former Fed official, will likely face scrutiny from some lawmakers eager for assurance that he will set interest rates based on economic conditions, even if it puts him out of step with Trump’s preference for low interest rates.
Sen. Thom Tillis, R-N.C., a potentially decisive vote on the committee, says he will not move to advance the nomination until the Department of Justice resolves its unprecedented investigation into Fed Chair Jerome Powell.
Powell’s term as Fed chair ends on May 15, but he said last month he would stay in the position until Warsh is confirmed. For his part, Trump told Fox Business last week he would fire Powell if the current Fed chair attempts to remain in office past the end of his term.
Sen. Elizabeth Warren, D-Mass., the top Democrat on the committee, voiced concern in a statement last week about what she considers Warsh’s perceived lack of independence, saying he may end up being “Donald Trump’s sock puppet.”
By contrast, Sen. Tim Scott, R-S.C., the chairman of the Senate Banking Committee, has dismissed such worries in a post on X last week.
Under Warsh, Scott said, the Fed will “be focused solely on strengthening the American economy.”
Warsh, who previously worked on Wall Street and in the George W. Bush administration, brings experience in finance and policymaking.
He is currently a fellow at a conservative think tank called the Hoover Institution, which is based at Stanford University. He also works as a partner at the Duquesne Family Office, an investment firm founded by billionaire and former hedge fund manager Stanley Druckenmiller.
In 2006, Bush appointed Warsh to serve on the Fed’s Board of Governors, a top policymaking body that helps set the level of interest rates, where he served until 2011. His tenure overlapped with the 2008 financial crisis, during which he helped manage the central bank’s response under then-Chair Ben Bernanke.
The nomination of Warsh arrives at a delicate moment for the Fed, as it grapples with a challenging combination of elevated inflation and sluggish hiring. An interest-rate hike could help ease inflation but risks a further cooldown of the labor market, while a rate cut may boost hiring but threatens higher inflation.
During his term as a Fed governor in the late 2000s and early 2010s, Warsh gained a reputation as an interest-rate “hawk,” meaning he generally preferred higher interest rates as a means of ensuring low and stable inflation.
In recent months, however, Warsh has voiced support for lower interest rates, rebuking the Fed’s concern about inflation risk posed by a flurry of new tariffs issued last year.
Those remarks came before the U.S.-Israeli war with Iran, however, which sent inflation soaring last month.
The rapid acceleration of price increases could complicate interest rate policy at the Fed, which may be reluctant to lower borrowing costs as inflation climbs.
