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The phrase "weakens confidence" is correct and usable in written English.
You can use it when discussing factors or actions that diminish someone's trust or belief in a person, idea, or system. Example: "The constant changes in leadership often weakens confidence among the employees regarding the company's future."
Exact(15)
"Mixing good quality data with bad quality data in this way is highly problematic and significantly weakens confidence in the findings of the current analysis".
In the brief from McCain and Whitehouse, the senators noted that gerrymandering weakens confidence in the electoral system.
State looting also weakens confidence in public institutions, subverts the rule of law, and damages the private investment climate.
A 1999 Cornell University study, "How Difficulties in Recognizing One's Own Incompetence Lead to Inflated Self-Assessments," reached one inescapable conclusion: stupidity bolsters confidence to, more or less, the same degree that smartness weakens confidence.
Risk of bias for each domain was rated as high (seriously weakens confidence in the results), low (unlikely to seriously alter the results), or unclear.
Rating (1) is unlikely to alter the results significantly, (2) seriously weakens confidence in the results, and (3) raises some doubt about the results.
Similar(45)
If the sales go poorly, it could further weaken confidence in Europe's financial system.
"Importantly, the debt ceiling debate is still upcoming and could further weaken confidence," he said.
That's why, nine times this year, the Fed has lowered interest rates -- at least partly to counter weakening confidence.
By itself, the 1929 crash did not so weaken confidence and consumer buying that it caused the Depression.
It believes Saunders's tenure as director of public prosecutions has weakened confidence in the judicial process.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com