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California overtakes Japan to become the world's fourth largest economy
California has surpassed Japan to become the world’s fourth-largest economy, Gov. Gavin Newsom said, as he warned of the threat posed by President Donald Trump’s tariffs to the tech powerhouse’s fast-growing wealth.
California, America’s most populous state with some 40 million people, accounted for 14% of the nation’s GDP in 2024, according to government data, driven by Silicon Valley and its real estate and finance sectors. The lawsuit argues that Trump’s invocation of the International Economic Emergency Powers Act to enact tariffs was “unlawful and unprecedented,” and that such expansive action requires approval from Congress. Twelve more states sued the Trump administration Wednesday for “illegally imposing” tax hikes on Americans through tariffs in a lawsuit the White House called a “witch hunt.”
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