China's economy expanded at a 5.4% annual pace in January-March, supported by strong exports ahead of U.S. President Donald Trump’s rapid increases in tariffs on Chinese exports, the government said Wednesday.
Analysts are forecasting that the world’s second largest economy will slow significantly in coming months, however, as tariffs as high as 145% on U.S. imports from China take effect.
Exports were a strong factor in China’s ability to attain a 5% annual growth rate in 2024 and the official target for this year remains at about 5%.
Beijing has hit back at the U.S. with 125% tariffs on American exports, while also stressing its determination to keep its own markets open to trade and investment.
In quarterly terms the economy grew 1.2% in January-March.
