Nintendo revealed its Switch 2 in full yesterday, just hours before Trump took to the White House Rose Garden for his own launch: his latest, and largest, round of tariffs yet. Unfortunately for Nintendo, the tariffs hit the countries where it builds its consoles, with new rates of up to 49 percent that it may pass on to US buyers.

The company is in this position in part because it had to adapt to Trump’s trade policy before. Its manufacturing was heavily based in China until Trump’s first term, when the combination of tariffs on China, the covid pandemic, and later, Russia’s attack on Ukraine, created supply chain upheaval. That prompted Nintendo to diversify, and according to the Financial Times, more than half of its US hardware is now manufactured in Vietnam and Cambodia.

Nintendo’s problem is that those are among the countries hit hardest by Trump’s new “reciprocal” tariffs, which apply in addition to existing rates. Yesterday China was hit by an extra 34 percent tariff on its exports to the US, Vietnam by an extra 46 percent, and Cambodia by an extra 49 percent.

But will everyday Americans be the ones to pay the price of the new rates? Research from the National Bureau of Economic Research on the impact of tariffs on China during Trump’s first term found that “US consumers of imported goods have borne the brunt of the tariffs through higher prices,” with manufacturers and exporters pass