Ford to receive $1.3 billion government refund for Trump's IEEPA tariffs

MoneyWatch Ford to receive $1.3 billion government refund for Trump's IEEPA tariffs .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Megan Cerullo Megan Cerullo Reporter, MoneyWatch Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting. Read Full Bio Megan Cerullo April 29, 2026 / 5:53 PM EDT / CBS News Add CBS News on Google Ford Motor said on Wednesday it expects to collect $1.3 billion in U.S. government refunds for tariffs illegally imposed by the Trump administration.The Detroit automaker raised its annual guidance by $500 million, citing the projected one-time tariff boost. In February, the Supreme Court struck down tariffs President Trump authorized last year under the International Emergency Economic Powers Act, or IEEPA.The federal government on April 20 launched a system — the Consolidated Administration and Processing of Entries, or CAPE, portal — that allows importers to submit claims for refunds of IEEPA tariffs.Initially, businesses can only submit claims for tariffs that were estimated and that could still be amended, as well as those that had only recently been finalized by U.S. Customs and Border Patrol (CBP) officials. The agency has rejected roughly 15% of refund requests since CAPE launched earlier this month, likely due to clerical errors, according to legal experts.CBP has said businesses will receive tariff refunds for eligible claims within 60 to 90 days of their approval. It's unclear whether Ford's $1.3 billion refund reflects the total amount of IEEPA duties the automaker paid or only those initially eligible for a refund. The company did not immediately respond to a request for comment.For its first quarter, Ford reported net income of $2.5 billion on revenue of $43.3 billion, up 6%...