The fourth economy of the world: – California stayed The fourth largest economy in the world Gavin, Gavin, governor of this state, said. According to preliminary data prepared by the Economic Analysis Office, the nominal gross nominal product (GDP) California for 2024 amounted to $ 4.1 trillion. Thanks to this, the sunny state overtook Japan, whose nominal GDP (as reported by the International Monetary Fund) reached 4.02 trillion. California, therefore, gives way only to the entire United States ($ 29.18 trillion), China ($ 18.74 trillion) and Germany ($ 4.65 trillion).
Governor's joy: – California not only keeps up with the world – we give the pace. Our economy is blooming because we invest in people, we focus on sustainable development and believe in the strength of innovation. – Governor said in a press release. At the same time, however, he noticed that threat for the development of the state is “the reckless customs policy of the current federal administration”. News thinks that the California economy should be protected because “drives the nation”.
California miracle: California is a state with the greatest population (about 40 million inhabitants) and a developed industry. This is where the Silicon Valley is located, and the sectors are also strong real estate and finance. It all makes In 2024 he generated 14 percent. GDP of the whole country. Three The main trade partners of the state are Mexico, Canada and China. Over 40 percent California imports came from these countries (203 billion dollars from $ 491 billion total imports last year). However, the activities of current government administration may seriously threaten this trade.
Lawsuit against Trump: Governor he won a bold step – On April 16, he filed a lawsuit against President Trump in the federal court for the use of extraordinary rights to unilaterally adopt global duties. News believesthat they are harmful to California business and that Trump has no right to adopt customs duties against Mexico, China and Canada or a 10 % base duty for imports from the rest of the world. In a press release, the governor clearly pointed out that the customs causing “immediate and irreversible damage to California, the greatest economic, production and agricultural state in the country” and that “they” disrupted the supply chains, the costs “and”caused billion damage“.
Chances of further increase: The IMF indicates that The economy of California grew last year at a rate of 6 percent.so faster than each of the three overturning economies (USA 5.3 percent, China 2.6 percent, and Germany 2.9 percent). At the same time, the average increase in GDP of this state was as much as 7.5 percent. in the years 2021-2024. It is not known how this will change in the face of Trump's drastic actions, but California is not the only one – his administration has been allowed by twelve subsequent states, which also believe that customs were imposed illegally.
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