Uncertainty over tariffs has placed a pall over financial markets and fueled concerns of inflation and a possible recession.

The year-on-year expansion matched China’s growth rate in the fourth quarter and exceeded Beijing’s full-year target for 2025, as well as the 5.1 per cent forecast by analysts in a Reuters poll. The strong first-quarter growth came despite Trump’s first salvo of 20 per cent tariffs,

The economy grew steadily from January through March, but U.S. tariffs pose a risk for China in the coming weeks and months.