China's economy grows at a 5.4% annual pace in January-March

China's economy expanded at a 5.4% annual pace in January-March, the government said Wednesday, supported by strong exports ahead of U.S. President Donald Trump's rapid increases in tariffs on Chinese products.

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With the trade war clouding the outlook, 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.

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.