California Overtakes Japan, Ranks 4th in Global Economy, Says Newsom

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00:00California overtakes Japan, ranks fourth in global economy, says Newsom.

00:06California's 4.1 trillion GDP surpasses Japan, driven by 6% growth in 2024, emphasizing investments

00:15in people, sustainability, and innovation.

00:21Silicon Valley anchors the California economy, fueling innovation that ripples across the

00:27globe.

00:31California, with nearly 40 million residents, produces 14% of U.S. GDP, excelling in aerospace,

00:39computers, and zero-emission vehicles manufacturing.

00:46California farmers lead the nation in agricultural output, producing over 400 commercial crops

00:52that feed America and export markets worldwide.

00:59California, home to America's two largest seaports, is a crucial gateway to Pacific markets, contributing

01:06over $83 billion more to federal funds than it receives.

01:11However, Newsom cautions that federal trade policies pose a risk to this economic momentum,

01:17highlighting the significance of protecting California's thriving economy.

01:25California, with $675 billion in trade, is significantly impacted by tariffs affecting imports from key

01:33partners like Mexico, Canada, and China.

01:37California's strategic position as a Pacific Rim hub enhances resilience and importance amid

01:43Asia's economic power shift and global competition.

01:47California's economy balances growth with sustainability,

01:51climate policy, relying on strategic decisions amidst evolving markets.