Sony is raising prices on all three of its PlayStation 5 consoles by about $50 in the U.S. due to what the company calls "challenging economic times." And earlier this month, Nintendo announced it would also raise prices due to market conditions.

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.