Experts say tariff refunds unlikely to reach the consumer [CBS News]
General Motors Company (GM)
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Source: CBS News
Some of that money is coming back to companies after the U.S Supreme Court ruled in February that one of those tariffs is unconstitutional, but experts said it's unlikely consumers will see a drop in prices moving forward. "GM is getting a refund of some $500 million, but the tariffs are still going to cost General Motors about $3 billion this year," said John McElroy, an automotive expert. McElroy said that despite GM's announcement that the company will get back money from the tariff refund, car buyers probably won't see prices come down. "The Trump administration imposed tariffs under several different legal standings. The Supreme Court ruled that one of those standings under what they call the IEEPA was illegal," McElroy said. "But the administration also used another section of the law called Section 232 to impose a lot of tariffs. Those are still in place." That's true for plenty of other companies that paid a total of $166 billion while the tariff was on the books. "
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