The cost of personal tech items is about to skyrocket thanks to President Trump’s tariff plan, according to a leading trade organization.

The retail prices of various consumer electronics will likely see sharp increases if the newly announced levies take effect, according to a report from the Consumer Technology Association. The association says American consumers are facing a decline of up to $123 billion in their annual purchasing power if the tariffs stay in place.

“Tariffs are taxes paid by Americans,” the chief executive and vice chairman of the association, Gary Shapiro, said in a statement. “Higher tariffs don’t just affect businesses, startups and founders — they’re a pocketbook issue for American families, potentially raising the cost of the tech Americans love and rely on daily.”

The report updates previous research from January and September 2024, factoring in baseline tariffs of 10 percent and other proposed levies as high as 50 percent placed on trading partners. The taxes will likely drive up the costs of smartphones by 31 percent and laptop and tablet computers by 34 percent. The biggest increase would be on the cost of video gaming consoles, which will rise by nearly 70 percent.

Earlier this year, the latest video game console, the Nintendo Switch 2, was announced with a price tag of less than $500. Initial sales of the console, however, were delayed after Mr. Trump announced his plan for sweeping tariffs. Officials at Nintendo put a freeze on preorders while they assessed the cost of manufacturing the console overseas.

“We’re just going to have to actively assess what that impact may be. Things may change in the days ahead,” Nintendo of America’s president, Doug Bowser, told NPR in April. “So, we’re just watching and trying to understand what that impact might be and what actions we might have to take.”

The video gaming giant so far has been able to keep the price at $449 for pre-orders ahead of its official release on June 9, but it’s not clear what effect tariffs may have on sales later in the year. 

Accessories for the console, however, already have seen their price tags adjusted due to what Nintendo calls “market conditions,” with additional controllers going from $80 to $85 and a docking station listed $20 higher than the originally announced price of $110.

Last week, Microsoft raised recommended retailer pricing for its Xbox consoles. Its Xbox Series S, for example, now starts at $380 in the United States — up $80 from the $300 price tag that had its debut in 2020.

“We understand that these changes are challenging,” Microsoft wrote in an Xbox support update. The tech giant didn’t point to tariffs specifically, but cited wider “market conditions and the rising cost of development.”