Banking and Finance Law Daily Wrap Up, VITAL BRIEFING—Ford, GM announce they expect massive tariff refunds, both raise 2026 guidance, (May 4, 2026)
While the Supreme Court determined that the administration’s tariffs imposed under the International Economic Emergency Powers Act (IEEPA) to be unlawful, they were quickly replaced by “Section 122” tariffs, which are also subject to court challenges currently.
In this installment of Tariff Insights, Thomas Thompson surveys the U.S. tariff landscape with a particular focus on recent announcements from the Ford Motor Company and General Motors where they have collectively claimed tariff refunds of $1.8 billion from the U.S. government.
Some of the developments Thompson examines in the article include:
The significant impact anticipated tariff refunds will have on expected earnings for the major auto manufacturers, even though ongoing tariff assessments continue to have a major impact on financial performance estimates.
Federal Reserve Chairman Jerome Powell’s view of how tariffs have impacted the consumer goods sector as measured by the personal consumption expenditures price index, and how that has informed the Fed’s Open Market Committee’s approach for adjusting the federal funds target range.
The Trump administration’s willingness to use tariff authorities other the IEEPA to maintain significant tariff levels for Chinese imports notwithstanding the president’s upcoming meeting with Chinese President Xi Jinping later in May.
To read the article, click Ford, GM announce they expect massive tariff refunds, both raise 2026 guidance.
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