‘Challenging economy’: Sony hikes prices of PS5 in wake of Trump’s tariffs
Sony cited a ‘challenging economic environment’ behind a price hike for its PlayStation 5 gaming consoles, in response to Donald Trump’s reciprocal tariffs.
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Sony has quietly hiked the prices of its PlayStation 5 gaming consoles, becoming the first Asian-owned consumer electronics titan to respond to Donald Trump’s reciprocal tariffs.
Sony Interactive Entertainment – the Japanese company’s US-based gaming division – announced the price increases via a blog post on Monday. Vice-president of global marketing Isabelle Tomatis cited a “challenging economic environment”.
The PlayStation 5 consoles are made in China, which remain subject to Mr Trump’s bruising tariffs, with Beijing and the White House yet to make a deal.
From Monday, the recommended retail price of a PS5 Digital Edition console will rise to $749.95 – about 10 per cent more than was it was selling for at Harvey Norman, which had a limit of one per customer.
At JB Hi-Fi it was a bigger jump – soaring 24 per cent – according to Google. But when directed to the retailer’s website, shoppers were told the item was unavailable.
Sony raised the prices in Europe, Middle East, Africa and New Zealand as well as Australia.
“With a backdrop of a challenging economic environment, including high inflation and fluctuating exchange rates, SIE (Sony Interactive Entertainment) has made the tough decision to raise the recommended retail price (RRP) of the PlayStation 5 console in select markets,” Ms Tomatis said.
The price of PlayStation Pro consoles remain unchanged.
Mr Trump sought to clarify technology-related tariff exceptions at the weekend after seemingly flip-flopping and turmoil on global markets.
“NOBODY is getting ‘off the hook’ for the unfair Trade Balances, and Non Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst!” the President posted on his social media platform.
“There was no Tariff ‘exception’ announced on Friday. These products are subject to the existing 20 per cent fentanyl Tariffs, and they are just moving to a different Tariff ‘bucket.”
The post came hours after US Commerce Secretary Howard Lutnick warned tariff exemptions on electronics such as smartphones and laptops were only a temporary reprieve and China reportedly suspended exports of a wide range of critical minerals and magnets, threatening to choke off supplies of components central to car makers, aerospace manufacturers, semiconductor companies and military contractors around the world.
Tit-for-tat exchanges have seen US levies imposed on China rise to 145 per cent, and Beijing setting a retaliatory 125 per cent band on American imports.
But Mr Trump remains confident that Chinese President Xi Jinping will “do a deal”.
“President Xi is one of the smartest people in the world and I don’t think he will allow (escalation) to happen,” Mr Trump said.
“We are very powerful. We have weaponry,” he said. “But I think President Xi is a man who knows exactly what has to be done. I think he’s going to want to do a deal. There will be a telephone call and we’ll be off to the races.”
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Originally published as ‘Challenging economy’: Sony hikes prices of PS5 in wake of Trump’s tariffs
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