TAIPEI (Taiwan News) — Taiwan’s consumer confidence index (CCI) fell to 72.54 points in January, marking the fourth consecutive monthly decline and the lowest level in eight months, the Research Center for Taiwan Economic Development reported on Monday.

According to the report, all six CCI sub-indicators declined: price levels, stock investment timing, household economic conditions, domestic economic outlook, employment opportunities, and durable goods purchases, per CNA.

The largest drop was in price levels, which fell 3.98 points to 37.25, followed by stock investment timing, which dropped 2.46 points to 50.53.

Research Center President Wu Dachrahn (吳大任) attributed the decline to financial market turbulence following US President Donald Trump’s election victory last year. He warned that Trump’s tariffs and rising protectionism pose challenges for Taiwan’s export-driven economy.

Wu noted that Trump’s comments on Taiwan’s semiconductor industry have also unsettled investors. The US president has repeatedly accused Taiwan of "stealing" the US semiconductor industry and vowed to relocate chip production to the US, per CNBC.

Additionally, Taiwan’s stock market saw heavy selling pressure on Monday, the first trading day after the Lunar New Year holiday. Wu said stock market confidence in Taiwan is unlikely to recover in the near term.