Sony PlayStation 5 Prices Hiked In US As Trump’s Tariff Uncertainty Weighs | 5 Points

PlayStation 5 price hike news: Sony will raise prices of its PlayStation 5 consoles in the United States by around $50 from Thursday, as the Japanese conglomerate navigates a slow recovery in the video game market while US tariffs threaten to raise costs. 

Why Is Sony Increasing PlayStation 5 Price?

The price hikes come after US President Donald Trump imposed massive tariffs on America's trading partners, including Japan, India, China which has led to fears of rising costs. "We've made the difficult decision to increase the recommended retail price for PlayStation 5 consoles in the US starting on 21 August," Isabelle Tomatis, Sony Interactive Entertainment's vice president of global marketing said in a blog post.

1. All three PlayStation 5 consoles will see a similar price hike, with the most expensive PS5 Pro version expected to cost $749.99, the company said in a blog post on Wednesday.

 

2. The price changes come after US President Donald Trump announced sweeping tariffs on imports from global manufacturing hubs such as China and Japan, leading to fears of supply chain disruptions and high material costs.

 

3. Sony had raised prices of its consoles in various European markets in April. Rival Xbox also hiked sticker prices of its consoles and accessories in the US, Europe, Australia and the
UK a month later.

 

4. Consoles were expected to be a major driver of video games market growth this year due to the launch of premium titles such as as Take-Two Interactive's "Grand Theft Auto VI" and
Nintendo's Switch 2.

 

5. But console price hikes and the delay of highly anticipated "GTA VI" to next year have cast some doubt on the pace of growth in the industry. On Wednesday, Sony said there are no price changes for other products markets and prices of PlayStation 5 accessories remain unchanged.

 

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