Sony on Wednesday said it is bumping up the price of PlayStation 5 video game consoles by $50 in the United States due to a “challenging economic environment.”Tariffs imposed by President Donald Trump hike the cost of goods brought into the US, leaving companies like Japan’s Sony to decide whether to pass that on to consumers.”Similar to many global businesses, we continue to navigate a challenging economic environment,” Sony Interactive Entertainment vice president of global marketing Isabelle Tomatis said in a post.After initially being threatened with a 25 percent hike, Japan negotiated a 15 percent tariff with the Trump administration.”As a result, we’ve made the difficult decision to increase the recommended retail price for PlayStation 5 consoles in the US.”The new price for PS5 will be $550, with a “Digital Edition” priced at $500 and a Pro version for $750, according to Tomatis. In May, Sony warned it was considering tweaking prices in the US, estimating that tariffs could wind up costing the company about $680 million in the fiscal year.  American companies are feeling the crunch, too.New York-based cosmetics giant Estee Lauder recently estimated the impact of the new tariffs at around $100 million for the 2026 financial year and plans to adjust its prices to offset the additional cost.US snack giant PepsiCo could increase prices of its soft drinks about 10 percent to mitigate effects of US tariffs, particularly those on imported aluminum used to make soda cans, according to trade magazine Beverage Digest.Meanwhile, California-based energy drink maker Monster Beverages is considering raising prices due to a “complex and dynamic customs landscape,” according to chief executive Hilton Schlosberg.The Commerce Department this week said the US broadened its steel and aluminum tariffs, impacting hundreds more products that contain both metals such as child seats, tableware and heavy equipment.Since returning to the presidency, Trump has imposed tariffs on almost all US trading partners.Though the impact of Trump’s tariffs on consumer prices has been limited so far, economists warn that their full effects are yet to be seen.Some businesses have coped by bringing forward purchases of products they expected will encounter tariffs. Others have passed on additional costs to their consumers, or absorbed a part of the fresh tariff burden.

President Donald Trump ramped up pressure on the US central bank Wednesday with a call for Federal Reserve Governor Lisa Cook to step down, as he repeatedly criticizes Fed Chair Jerome Powell for not lowering interest rates.”Cook must resign, now!!!” Trump wrote on his Truth Social platform, sharing a Bloomberg news report on how the Federal Housing Finance Agency’s director has called for greater scrutiny of Cook over a pair of mortgages.FHFA director Bill Pulte — a staunch ally of Trump — had reportedly written a letter to the US attorney general calling for an investigation of Cook while suggesting that she might have committed a criminal offense.Cook said she had learned about it in a post on social media, and that the mortgage application took place “before I joined the Federal Reserve.””I have no intention of being bullied to step down from my position because of some questions raised in a tweet,” she said in a statement to AFP.But she said she would take questions about her financial history “seriously” and was “gathering the accurate information to answer any legitimate questions and provide the facts.”The Trump administration has pursued allegations of mortgage fraud against high-profile Democrats who are seen as political adversaries of the president.It was not immediately clear if such a probe will take place targeting Cook, the first Black woman to serve on the central bank’s board.The president is also limited in his ability to remove officials from the central bank.A Supreme Court order recently suggested that Fed officials cannot be taken out of their jobs over policy disagreements, meaning they have to be removed for “cause,” which could be interpreted to mean wrongdoing.- ‘A disaster’ -The US leader’s targeting of Cook, who sits on the Fed’s rate-setting committee, comes after his repeated broadsides against Powell while the central bank kept the benchmark lending rate unchanged this year.On Tuesday night, Trump again called for a “major rate cut,” saying there was “no inflation” and claiming that the Fed’s policymaking was harming the housing industry due to elevated mortgage rates.He called Powell “a disaster” in a social media post.Although the US consumer price index, a key inflation gauge, was steady at 2.7 percent in July, it remains higher than it was a few months earlier.Fed officials have been trying to ensure inflation is kept in check — despite the effects of Trump’s sweeping tariffs — while balancing risks to the labor market as they mull the right time for further rate cuts.Cook took office as a Fed governor in May 2022 and was reappointed to the board in September 2023. She was sworn in later that same month for a term ending in 2038.She has previously served on the Council of Economic Advisers under former president Barack Obama.Earlier this year, Trump suggested that what he called an overly costly renovation of the Fed’s headquarters could be a reason to oust Powell, before backing off the threat.Powell’s term as Fed chair ends in May 2026.

Donald Trump’s newfound if vague willingness to entertain security guarantees for Ukraine could be a game-changer, but the US president’s right-wing base is already warning him not to go too far.After a campaign last year spent bashing predecessor Joe Biden over billions of dollars in aid to Ukraine, and Trump’s public upbraiding of Ukrainian President Volodymyr Zelensky in February, Trump has considered promises to Kyiv to end the Russian invasion.He has ruled out ground troops as well as NATO membership, siding with Russian leader Vladimir Putin in blaming Ukraine’s aspirations for the Western alliance for the February 2022 invasion.But after Trump welcomed Putin to Alaska on Friday, Trump’s envoy Steve Witkoff said the Russian president had agreed to a “concession” of the United States offering “Article Five-like protection” for Ukraine, referring to NATO’s binding promise that an attack on one is an attack on all.Some observers doubted Witkoff’s understanding of Putin, noting that Moscow publicly has insisted on guarantees for Russia.But Trump has said “we’ll give them very good protection” and has spoken of providing US airpower to enforce any agreement.Little is known about what US airpower would entail, but it could support a deployment of European troops to Ukraine mulled by France and Britain.If the United States agreed to enforce control of the Ukrainian skies, it would be an “incredible green light for greater ambition” by Europeans on security, said Kristine Berzina, a senior fellow at the German Marshall Fund.European leaders showed striking unity and solidarity by coming together to Washington on Monday to back Zelensky in talks with Trump, she said.”For there to be a meaningful difference on the ground in Ukraine, it can’t just be diplomatic alignment. It can’t just be the heads of state being in lockstep for a few days at a time,” she said.”Instead, they have to be ready to actually move and to show to Trump, ‘We have everything ready; we just need x from you to make this work.'”- Vagueness on options -Trump, however, could also authorize a much smaller air deployment, such as one focused on reconnaissance that would see limited numbers of US planes in the Ukrainian skies.”President Trump said some things in his meetings with the European leaders and Zelensky and I am betting a huge sum of money that there are people around Trump who are going to spend a lot of time walking that back,” said Debra Cagan, a former senior US policymaker now at the Atlantic Council.”What I mean by that is that they’re going to try a very de minimis approach to security guarantees, to do as little as possible to carry that out,” she said.She said that any successful strategy needed to have components on land and air as well as sea, including keeping the crucial Black Sea ports open for Ukraine.- Pushback from base -Trump retains a strong hold on the Republican Party, but has already seen some dissent within his hard-right base, which backed him in part for his dismissive attitude to foreign involvement.Outspoken Representative Marjorie Taylor Greene, who earlier criticized Trump for bombing Iran, said she believed voters would be “appalled” by more support for Ukraine as they struggle with day-to-day concerns.”America is broke,” she told conservative host Megyn Kelly. “At some point we have to start saying no to the rest of the world.”Trump-aligned Senator Tommy Tuberville said it would be an “impossible sell” to voters still shaken by the Iraq and Afghanistan wars to start another long-term US military commitment, according to The Hill newspaper.Trump, however, has tried hard to portray the war as belonging to Biden and has spoken openly of his desire for the Nobel Peace Prize.”He could probably sell to his base that this is about America keeping peace and not about America making war,” Berzina said.

Hurricane Erin was nearing North Carolina’s coast Wednesday, threatening huge waves and flooding as the strengthening Category 2 storm triggered mandatory evacuation orders despite its offshore path.The US state, still reeling from last year’s deadly Hurricane Helene, declared an emergency Tuesday as Erin’s impacts were predicted to begin from Wednesday evening through Thursday.”Based on the current forecast, we are anticipating coastal flooding from massive waves, tropical storm force winds and tidal and storm surge for much of the state shoreline, especially the Outer Banks, from this evening through Thursday,” Governor Josh Stein told reporters. As of Wednesday afternoon, Erin was churning northward some 300 miles southeast of North Carolina, packing maximum sustained winds of 110 mph (175 kph), according to the National Hurricane Center — with the possibility it could still restrengthen to a major hurricane.Its unusually large size means tropical storm-force winds extend hundreds of miles from its center, earning it the moniker “Enormous Erin” by hurricane specialist Michael Lowry, who wrote on Substack the US was fortunate to be spared a direct hit.Erin’s low pressure of around 940 millibars at its center is “remarkably low” and a more telling indicator of its destructive potential than wind speed, Lowry added.Mandatory evacuation orders were issued for Ocracoke and Hatteras Islands. Parts of North Carolina to Virginia were under a tropical storm warning.Stein urged residents to pack enough food, water and supplies to last up to five days — and to safeguard important documents like insurance policies.”We have already pre-positioned three swift water rescue teams and 200 National Guard troops to various locations on the coast, along with boats, high clearance vehicles and aircraft,” he added.- ‘Massive’ waves -Highway 12 — which runs through the scenic Outer Banks, a string of low-lying islands and spits already under threat from sea-level rise and erosion  — could be left impassable by waves as high as 20 feet (six meters).Last year’s Hurricane Helene caused approximately $60 billion in damage to North Carolina, equivalent to almost two years of the state’s budget, said Stein, who criticized what he called inadequate federal assistance from the administration of President Donald Trump.Trump has mused about dismantling the Federal Emergency Management Agency, which has long been a target of conspiracy theories from the political right.Beyond the flooding risks in North Carolina, nearly the whole of the US East Coast meanwhile is threatened by rip currents, powerful surges that run against the tide. – Insurance risks -The Atlantic hurricane season, which runs from June 1 to November 30, has entered its historical peak.Despite a relatively quiet start with just four named storms so far, the National Oceanic and Atmospheric Administration continues to forecast an above-normal season.Scientists say climate change is supercharging tropical cyclones: warmer oceans fuel stronger winds, a warmer atmosphere intensifies rainfall, and higher sea levels magnify storm surge.There is also some evidence, though less certainty, that climate change is making hurricanes more frequent.

Texas Republicans were on course Wednesday to approve a contentious new electoral map pushed by President Donald Trump to eke out more seats and defend their razor-thin majority in the US House of Representatives, with the midterm elections looming.   The vote had been delayed by two weeks after Democratic legislators fled the state to halt the aggressive redistricting drive, which carves out five new Republican-friendly districts.More than 50 Democrats walked out, stalling legislative business and generating national headlines as they sought to draw attention to the rare mid-decade redistricting push.The rebels returned this week, but not before their protest had set off a national map-drawing war, with Trump pressuring his party’s state-level officials to do everything they can to protect the House majority. The stakes are sky-high for Trump, who will be bogged down in investigations into almost every aspect of his second term if Democrats manage to flip the handful of districts nationwide needed to win back the House in 2026 midterm elections.  As lawmakers in the Lone Star State debated the map, Democratic representative Chris Turner called it a “clear violation of the Voting Rights Act and the constitution,” according to Austin-based news site The Texas Tribune.Lawmakers sped up the normal legislative process, hoping to bring the new map to a final vote as early as Wednesday evening, with the outcome seen as something of a foregone conclusion in the Republican-led Texas legislature.   After the map gets a green light in the state’s House, it moves to the Senate, where it has passed in a previous session, before heading to Republican Governor Greg Abbott’s desk.- Playing hardball -Districts are usually redrawn every 10 years after the US census, and are supposed to be based on its findings, so that districts accurately represent the people who live there. But this is governed by convention, rather than by law.”Redistricting can be done at any point in time,” said the map’s sponsor, Republican Todd Hunter, according to the Tribune. “The underlying goal of this plan is straightforward: improve Republican political performance.”There is little Democrats in Texas can do to thwart the map, but it has prompted retaliation in California, and serious discussions in other Democratic states alarmed that the Texas maneuver could be replicated nationwide.  Republicans are mulling drawing at least 10 new seats and are targeting Ohio, Missouri, New Hampshire, Indiana, South Carolina and Florida.Trump on Monday posted the proposed map of Texas on his Truth Social platform, calling it “one of the most popular initiatives I have ever supported.”State lawmakers in Democratic stronghold California — the largest and richest US state — introduced three bills on Monday to create a voter referendum this year for a new congressional map that would effectively counteract Texas.If approved in the state of 39 million residents, the referendum would appear on California’s November 4 ballot.”Nothing about this is normal, and so we’re not going to act as if anything is normal any longer,” Governor Gavin Newsom said in a call with reporters on Wednesday. “Yes, we’ll fight fire with fire. Yes, we will push back. It’s not about whether we play hardball anymore, it’s about how we play hardball.”New York Democrats may follow suit, with Governor Kathy Hochul calling the Texas redistricting plan nothing short of a “legal insurrection.”