PlayStation admitted that the cost of its gaming machines is going up after President Donald Trump's tariffs.
In a blog post on the company's website, PlayStation expressed regret that "we continue to navigate a challenging economic environment. As a result, we’ve made the difficult decision to increase the recommended retail price for PlayStation 5 consoles in the U.S. starting on August 21."
The PlayStation 5 was released to the public in 2020, and the PlayStation 6 isn't slated for release until some time in 2027 or 2028.
The gaming console is made largely in Japan and China, both of which have a tax on goods coming in from those countries.
Trump issued a global tariff on all goods coming in from other countries that ranges anywhere from 15 to 25%. However, as the BBC reported, Trump has added a 15% tax on Japanese goods and 30% on Chinese goods.
Trump has extended the deadline for deciding the final tariffs on China for another 90 days, CNBC explained.
"If the deadline were not extended, then U.S. duties on China would have shot back up to where they stood in April, when the tariff war between the world’s largest trading nations was at its peak," CNBC said. "At that time, Trump had cranked up blanket tariffs on Chinese imports to 145%, and China had retaliated with 125% duties on U.S. goods."
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