The Japanese company announced a base model now costs about $550. It previously cited Trump's tariffs as a reason for potential price increases.

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 videogame market while U.S. tariffs threaten to raise costs.

Sony joins Microsoft and Nintendo in raising gaming console prices following President Donald Trump’s tariffs on China.