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%.

All eyes have been on Sony to see if it follows in Microsoft’s footsteps and, in response to increased U.S. tariffs, dramatically raises the price of the PlayStation 5 . The company confirmed to investors on Wednesday that it might end up doing exactly that as it faces a potential $680 million hole in its bottom line from the new import taxes on China and other countries.