The Taiwan Machine Tool and Accessory Builders’ Association (TMBA, 台灣工具機暨零組件公會) yesterday called on the government to make it easier for industries affected by US tariffs to apply for financial help.
US President Donald Trump on Wednesday last week announced 32 percent tariffs on Taiwanese goods, sending Taiwan stocks tumbling nearly 10 percent yesterday, the first trading session after the market closed for the four-day Tomb Sweeping Day and Children’s Day long weekend.
The new tariff policy posed unprecedented challenges for Taiwan’s exporting industries, with far-reaching impact on the export-oriented machine tool and accessory industries, which are dominated by small and medium-sized enterprises, the association said in a statement.
Photo: EPA-EFE
The association also said it hoped the government would adjust its policies according to the challenges facing the sector and help businesses deal with the impact of the US tariffs.
The TMBA called for the relaxation of the eligibility criteria for industries applying for government financial assistance or loans, saying that the proposed threshold of a 15 percent decline in business revenues was too high.
In addition, the government should maintain existing subsidy and loan schemes to help businesses invest in technical upgrades, digital transformation and net zero transition, the association said.
The government should also expand domestic demand and diversify export markets by investing in public infrastructure projects to spur automation upgrades and smart manufacturing, as well as encourage the use of domestically made machine tools and spare parts, it added.
A consultation platform should be set up to help industries cope with the new tariffs, including coming up with new strategies for logistics realignment, customs clearance and export market transfers, it said.
Moreover, the association called on the government to foster talent needed for green manufacturing and the development of artificial intelligence applications, to promote sustainability in the manufacturing supply chain.
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