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California’s economy overtook the country of Japan, which made the US state the fourth largest world economic force.
Governor Govin News conducted new data from the International Monetary Fund (IMF) and the US Economic Analysis Bureau showing California’s growth.
The data shows that the gross domestic product of California (GDP) reached 4.10 trillion. Dollars (3.08 trillion pounds) in 2024, exceeding Japan, which was marked at $ 4.01 trillion. Now the state is only conducting Germany, China and the US as a whole.
“California is not just keeping up with the world – we set the pace,” said Newsom.
The new figures come when Newsom opposed the tariffs for President Donald Trump and expressed concern about the future economy.
California has the largest share of production and agricultural production in the US. The leading technological innovations, the World Entertainment Center and the two largest seaport in the country also live here.
Newsom, a famous Democrat and a possible presidential candidate in 2028, filed a lawsuit Challenging Trump’s powers to impose fees that caused violations in the world markets and trade.
Trump accepted 10% of the levies in almost all countries that were imported into the US after a 90-day pause at higher rates.
Another 25% of the tariff was imposed on Mexico and Canada. However, the levies in China have led to a common trade war with the second largest economy in the world.
Trump has imposed import taxes up to 145% on Chinese goods coming to the United States and China has renounced 125% of US products.
Last week, his administration stated that when the new tariffs were added to existing, some Chinese goods could reach 245%.
Newsom noted its concerns about the future of the state economy.
“While we note this success, we acknowledge that our progress is threatening the ill -advised tariff policy of the current federal administration,” he said. “The Californian economy is a power nation and it must be guarded.”
Trump claimed that his trade war only aligns the game conditions after the US years are taxed.
Tariffs are an effort to encourage factories and jobs to return to the US. This is one of the main pillars of its economic agenda, as is the reduction of interest rates aimed at reducing the cost of borrowing for Americans.
A New data Shows GDP in California for the US to 29.18 trillion. Dollars, China – $ 18.74 trillion, and Germany – $ 4.65 trillion. It also shows that California was the fastest growing among these countries.
Japan’s economy is under pressure from its decrease and aging of the population, which means that its labor is shrinking, and social assistance costs are balloons.
This week, the IMF has reduced the economic growth forecast for Japan and predicted that the Central Bank would increase the interest rates slower than previously expected by the higher tariffs.
“The impact of tariffs announced on April 2, and the related uncertainty compensates for the expected strengthening of private consumption with the above-mentioned wage growth, which increases the available household income,” the world economic forecast said.
