The effects of U.S. President Donald Trump’s tariffs are winding their way through the American economy, and a new piece of analysis claims that corporate America is using them as “cover” to further jack up prices.

Progressive advocacy group Groundwork Collaborative issued a new report on Tuesday that uses corporate executives’ own words to show how many firms are taking advantage of the tariff situation by using it as an all-purpose justification for price increases. The report found many of these executives’ admissions through quarterly earnings calls in which they discussed plans to increase costs even if their inputs were not being significantly affected by the tariffs.

Among others, the report cited a statement made earlier this year by Aaron Jagdfeld, the CEO of power generation products manufacturer Generac Power Systems, who said on an earnings call that “even if we have metals that weren’t impacted directly by tariffs, the indirect effect of tariffs is that it gives steel producers and the mills and other fabricators… great cover for increased pricing in some cases.”

Another executive quoted in the report was Matthew Stevenson, the CEO of auto parts manufacturer Holley, who said that “in the marketplace we have seen price increases well in excess of what we put out into the market” and added that “we’ve seen increases as high as 30% or more on some categories from some competitors.”

Thomas Robertson, the CFO of footwear company Rocky Brands, flat-out said during an earnings call that his company planned to raise prices even as Trump had backed off his most strident trade-war threats with China.

“We certainly welcome a reduction in the Chinese tariffs, but we’ll be announcing a price increase here regardless of any changes of the Chinese tariffs over the next week or two to go into effect in June,” he said.

While the report names and shames corporations for price increases, Groundwork Collaborative executive director Lindsay Owens did not absolve Trump of responsibility for the situation.

“President Trump’s turbulent trade policy has created a perfect storm of market chaos, giving corporations a golden opportunity to jack up prices, pad profit margins, and fleece Americans simply because they can,” said Owens. “While Trump’s tariffs continue to cause economic upheaval, corporations are exploiting the chaos and working families are left to foot the bill.”

The Groundwork Collaborative report was released on the same day that consumer goods giant Procter & Gamble announced that it would be raising prices on roughly one-quarter of its products due to Trump’s tariffs. As reported by CNBC, the company said during its quarterly earnings call that it expects “mid-single-digit price increases” on a wide range of products over the next quarter to help offset what it projects to be a $1 billion hit from the tariffs levied against major trading partners such as Canada and China.

A report by the Tax Foundation on Monday estimated that the Trump tariffs would affect 75% of all food imported from other countries, which would add even more burden to American consumers. What’s particularly troubling about the food tariffs, the Tax Foundation explained, is that they will fall on products such as bananas and coffee that are simply not capable of being grown on a mass scale in the United States.

“In 2024, the U.S. imported about $221 billion in food products, 74% of which ($163 billion) faced the Trump tariffs,” wrote the Tax Foundation. “While these imports currently face tariff rates ranging from 10% to 30%, they will exceed 30% for some countries if the reciprocal tariffs go into effect on August 1. The top five exporters of food products to the U.S., in order, are Mexico, Canada, the E.U., Brazil, and China, accounting for 62% of total U.S. food imports.”

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