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California has surpassed Japan to become the world's fourth-largest economy, according to Gov. Gavin Newsom. According to preliminary data from the U.S. Bureau of Economic Analysis, California's nominal Gross Domestic Product (GDP) will reach $4.1 trillion in 2024, surpassing Japan, which according to the International Monetary Fund has a GDP of $4.02 trillion.
That puts California behind only the three largest global economies: the United States, China, and Germany. California had economic growth of 6% last year, the highest among these countries.
"California is not following the pace of the world - it is setting it," Newsom declared. He emphasized that investments in people, sustainability and innovation are the keys to the state's economic success.
However, he warned that the tariffs imposed by Trump are severely damaging California's economy. The governor has sued the Trump administration in federal court, arguing that the use of emergency powers to impose the tariffs is illegal and unprecedented.
Tariffs against Mexico, China and Canada, as well as a 10% tariff on global imports, have hit America's largest state economy hard, especially the technology, agriculture and manufacturing sectors.
California, with 40 million inhabitants, represented 14% of US GDP in 2024 and conducted bilateral trade worth nearly $675 billion, with Mexico, Canada, and China being the main trading partners.
Meanwhile, twelve other states have sued the Trump administration, accusing it of illegally raising taxes through tariffs.
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