TAIPEI (Taiwan News) — Taiwan’s Consumer Confidence Index reached a nine-month high in January after the US announced an agreement on Jan. 15 to lower tariffs on imports from Taiwan to 15%.

The National Central University Research Center for National Economic Development put the index at 67.16, up 2.86 points from December, per CNA. The Taoyuan-based center said the reading was the highest since May as the Taiwan-US accord removed uncertainty.

All six components of the index improved from the previous month. The biggest gain was in expectations for consumer prices over the next six months, followed by willingness to invest in the stock market and expectations for family finances over the same period.

The center said that while traditional industries were less likely to be subject to US tariffs, the removal of uncertainty played a major role in boosting optimism about the economy and employment.