Sony raises PlayStation 5 prices in US as tariff fears persist

Sony PlayStation 5 gaming consoles in the US will jump by around $50 (£37.16) from Thursday as the Japanese technology giant grapples with rising costs and a slowing video game market.

Like many global businesses, the firm faces a “challenging economic environment”, Isabelle Tomatis, Sony Interactive Entertainment’s vice president of global marketing said in a blog post.

All three PlayStation 5 consoles will see a similar price increase. The most expensive Pro version now has a recommended retail price of $749.99.

The price hikes come after US President Donald Trump imposed tariffs on most of America’s trading partners, including Japan, 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,” Ms Tomatis said.

The base model of the PlayStation 5 will cost $499.99 in the US, she added.

The blog post went on to say that the recommended retail prices for PlayStation 5 accessories will remain unchanged and the firm has no other price changes to announce for other countries.

US importers of Japanese goods currently face a 15% tariff on products they sell.

Sony raised console prices in the UK and Europe earlier this year, citing high inflation and fluctuating exchange rates.

US gamers have seen similar price hikes from other companies like Nintendo, which recently increased the price of the original Nintendo Switch.

The £75 price tag on titles like Mario Kart World has sparked criticism from players over the rising cost of gaming.

Microsoft also raised the price of its Xbox consoles and accessories in various countries this year.

Major companies have warned in recent months about the impact of tariffs.

This week, US home improvement chain Home Depot said some of its prices could be increased because of the new import taxes.

“For some imported goods, tariff rates are significantly higher today than they were at this time last quarter,” the firm’s finance chief Richard McPhail told the Wall Street Journal.

“So as you would expect, there will be modest price movement in some categories, but it won’t be broad based,” he added.

In July, German sportswear giant Adidas warned that US tariffs would cost it a further €200m (£173m; $232.9m) and confirmed that it will raise prices for US customers.

Its rival Nike said in May that it would raise prices on some trainers and clothing for US customers from June, and later warned that tariffs could add about $1bn (£730m) to its costs.

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