A system and method is disclosed for managing power consumption in a computing device. A policy controller determines whether an aggregated power consumption of a plurality of external interface controllers in a computing device is greater than a policy power limit. On determining that the aggregated power consumption is greater than the policy power limit, the policy controller may set a first external interface controller at a negotiated power level, and set a second external interface controller at an adjusted power level, wherein the first external interface controller and the second external interface controller are set based on the policy power limit and the aggregated power consumption.