Sony announced that starting Thursday, there will be a price increase for the popular video game console PS5. The gaming console will now cost $50 more because of "a challenging economic environment," Sony said.

Starting Thursday, all PlayStation 5 models sold in the United States will see a $50 price increase, Sony revealed, citing the mounting financial pressure from newly imposed tariffs under the Trump administration.

PlayStation, owned by Sony, announced it will raise the price of PS5 consoles for US consumers starting August 21.