General Motors CEO Mary Barra meets President Donald Trump at the White House. Alex Wong/Getty Images 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. General Motors expects to cash in on the Supreme Court's decision to strike down Donald Trump's tariffs. The Detroit automaker's share price was up as much as 6% in premarket trading 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 (CBP) agency to begin recalculating duties and issuing refunds, which are estimated to total $166 billion. GM said it had not yet received the tariff refund and said the timing of it is "uncertain." Automakers like GM were among the hardest hit by the tariffs, which included specific levies on imported vehicles as well as taxes that targeted a huge array of components and materials used across the auto industry supply chain. GM said in January that US tariffs had cost it around $3.1 billion last year, while rival Ford reported a hit of roughly $2 billion. In the company's earnings release on Tuesday, GM said it expected lower tariff costs of $2.5 billion to $3.5 billion this year, down from previous estimates of $3 billion to $4 billion. GM reported revenue and profit that beat analysts' expectations in its first quarter earnings on Tuesday. The Chevrolet owner is doubling down on gas-powered vehicles after announcing around $7.6 billion in charges over its EV business in the past two quarters. The company pared its early premarket gains and was up about 3% ahead of market open. Companies seek tariff refunds Numerous companies are pursuing tariff refunds from CBP, but there are still significant uncertainties about how the money will be distributed. A CBP official said in a court filing last month that around one-third of the tariff claims have already been liquidated, meaning it is unclear when the money will be returned. An online portal that the CBP set up for refunds had more than 26,000 registrations as of March 26. Earlier this month, Trump told CNBC that he was "not happy" with the Supreme Court and that he would gratefully "remember" US companies that don't seek tariff refunds. Read the original article on Business Insider