The central bank left the benchmark discount rate at 2%, where it has been since March, in a unanimous decision at a quarterly board meeting.

All 33 economists in a Reuters poll had predicted the central bank would keep the rate unchanged.

The central bank has chosen to chart its own path and not to follow the lead of the U.S. Federal Reserve, which on Wednesday cut its benchmark interest rate by a quarter of a percentage point.

Taiwan’s central bank raised its 2024 estimate for economic growth to 4.25% from a forecast of 3.82% in September, and predicted growth of 3.13% in 2025, compared with the prior prediction of 3.08%. Taiwan’s economy grew at its slowest pace in 14 years in 2023.

In a report released by the central bank after its quarterly rate setting meeting, it said uncertainties in U.S. trade policy had greatly increased and it was advisable to be “cautious” for possible changes in the global trade landscape.

Trump, who takes office on Jan. 20, has threatened across the board import tariffs.

Taiwan’s tech-focused economy, home to the world’s largest chipmaker TSMC, has powered ahead thanks to demand from companies such as Nvidia (NASDAQ:NVDA) for artificial intelligence applications.

The central bank also slightly lifted its consumer price index (CPI) forecast for this year to 2.18% from a previous prediction of 2.16%, forecasting it would fall to 1.89% next year.