The ongoing tariff war initiated by the Trump Administration is poised to significantly increase technology prices in the U.S., impacting both finished products and essential component parts, particularly chips and processors.

As a result of these tariffs, companies importing goods from overseas will likely either absorb the costs, raise prices, or employ a combination of both strategies, ultimately leading to higher prices for consumers.

In the gaming sector, Nintendo has delayed preorders for its highly anticipated Switch 2 console as it reevaluates pricing and costs in light of the tariffs affecting overseas manufacturing.

Acer's CEO has announced plans to raise prices by 10% due to tariffs, while Best Buy's CEO has indicated that price increases for consumers are "highly likely," reflecting the broader trend across the tech industry.

Analysts predict that the price of the upcoming iPhone 16 Pro Max could rise significantly, with potential increases of up to 43%, bringing the retail price to an estimated $2,300 if these costs are passed on to consumers.

Specifically, the hardware cost for the iPhone 16 Pro could increase from approximately $550 to $850 due to tariffs, which could result in a retail price hike of around $300 if profit margins remain unchanged.

In response to the high tariffs on China, Apple is reportedly shifting more iPhone production to India; however, new tariffs have also been imposed on India and Vietnam, complicating the situation.

Given the anticipated price increases, consumers are advised to consider purchasing tech products sooner rather than later, especially if they have immediate needs.

For those looking to save money, buying refurbished tech products may be a viable alternative, as these items are often already in the U.S. and available at discounted prices.

CBS News has introduced a price tracker to illustrate the potential increases across various tech product categories, highlighting the widespread impact of the tariffs.