NEW: According to the IMF's 2024 World Economic Outlook data released yesterday and BEA data, California’s nominal GDP reached $4.1 trillion, surpassing Japan’s $4.02 trillion, and placing California as the 4th largest economy — behind only the United States, China, and Germany.
Not only did it grow to be the 4th largest, California’s economy grew at a faster rate than the world’s top three economies in 2024: California's growth rate of 6% outpaced the U.S. (5.3%), China (2.6%) and Germany (2.9%).
However, that success is now being threatened by the reckless tariff policies of the current federal administration.
That's why
@CAGovernor Newsom filed a lawsuit that seeks to end President Trump’s tariff chaos, which has wreaked havoc on the economy, destabilized the stock and bond markets, caused hundreds of billions of dollars in losses, and inflicted higher costs for consumers and businesses.
These harms will only continue to grow, as President Trump’s tariffs are projected to shrink the U.S. economy by $100 billion annually.