Just how big of a hit will Sony take because of tariffs? The company revealed in an earnings report that it's facing a $700 million impact from tariffs, according to Bloomberg. Fellow Japanese company Toyota is facing a $1.2-billion tariff bill.

Gamers have felt the impact of Trump’s tariffs as Microsoft has already raised prices of its Xbox consoles by more than 20%.

The PS5 did get a call out from CEO Hiroki Totoki when discussing the possibility of moving manufacturing to the US to avoid the brunt of Donald Trump’s tariffs. He admitted that the console “can be produced locally,” and that it would be “an efficient strategy” that “has to be considered going forward.”