TAIPEI (Taiwan News) — Plummeting share prices roiled Taiwan’s stock market on Monday morning during the first day of trading since US President Donald Trump’s tariff announcement.

CNA reported that the stock market dropped 9.7% and the weighted index fell 2,086 points, marking the largest day-on-day losses on record. TSMC, Foxconn, and MediaTek share prices hit their down limit immediately after the market opened, meaning losses were large enough to trigger trading restrictions

TSMC's stock fell to NT$848 (US$25.53) per share, Foxconn to NT$138.5, and MediaTek to NT$1,295. Quanta and Wistron were also among 1,000 companies whose stocks hit their down limit after the market opened.

Trump announced a 32% tariff on Taiwanese goods on Thursday, alongside wide-ranging tariffs globally. The stock exchange was closed from Thursday to Sunday due to the Tomb Sweeping holiday, followed by the weekend break in trading.

"The panic selling pressure is very high," Cathay Futures Taipei Analyst Venson Tsai told Reuters after markets opened. "This is a problem of market confidence."

Taiwan Stock Exchange Chairman Sherman Lin (林修銘) said he would coordinate with the government for market stabilization if needed. Lin said the exchange would keep its options open to handle the tariff-related volatility.

Lin said it would be hard to avoid the impacts. He asked investors to have confidence in Taiwanese companies and the government.

President Lai Ching-te (賴清德) on Sunday said Taiwan would not impose retaliatory tariffs against the US. Lai invited technology sector leaders to discuss the tariffs, and the Cabinet announced a NT$88 billion (US$2.66 billion) subsidy package for businesses on Friday.