Governor Gavin Newsom announced necessary budget cuts for California for the upcoming fiscal year, attributing these changes to federal trade policies under President Trump, which have negatively impacted the state's economic forecasts. Economists have downgraded projections for California's GDP growth, correlating it with increased unemployment and inflation rates. Newsom's initial spending proposal, which showed a slight surplus, will need revision as the uncertain economic environment continues to evolve, especially influenced by significant figures like Nvidia in the tech sector.
The trade war is prompting economists to scale back their forecasts for GDP growth worldwide. California's economic prospects are uncertain due to reliance on major corporations.
New federal trade policies are causing Governor Newsom to rethink California's budget proposal, expecting to adjust the fiscal plan due to economic downturns tied to tariffs.
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