California governor Gavin Newsom has reacted to the PlayStation 5 price hike in the US, jokingly thanking US President Donald Trump for making it happen via his controversial tariff strategy. Re-sharing a news story about the PS5 price hike, Newsom, a Democrat, posted on social media, "Great work, Donald Trump!!" On August 20, Sony announced a price hike for the PS5 in the US, with all models of the console going up by $50 effective today, August 21.
President Trump announced a 100 percent import tariff on chips but companies manufacturing in the US can qualify for exemptions. Companies not fulfilling production promises will face full tariffs retroactively.
BYD is halting plans to build a major factory in Mexico due to concerns about US trade policies. Geopolitical issues have a big impact on the automotive industry. Now everybody is rethinking their strategy in other countries.
"If current trends hold, average global growth for the 2020s would reach just 2.5 per cent - making this the worst-performing decade for the world economy since the 1960s."