Taipei: The Taiwan Machine Tool and Accessory Builders' Association (TMBA) has urged the government to simplify the process for industries affected by recent U.S. tariffs to access financial assistance.

According to Focus Taiwan, U.S. President Donald Trump announced a 32 percent tariff on Taiwanese goods last Wednesday, causing Taiwan stocks to plummet nearly 10 percent on Monday. This was the market's first trading session after the four-day Tomb Sweeping Day and Children's Day long weekend.

The TMBA expressed concerns in a statement about the unprecedented challenges posed by the U.S. tariff policy for Taiwan's exporting industries. The machine tool and accessory sectors, primarily comprised of small- and medium-sized enterprises (SMEs), are among those most impacted.

The association is advocating for the Taiwanese government to adjust its policies to better support businesses affected by the tariffs. They propose lowering the eligibility criteria for government financial assistance, arguing that the current threshold of a 15 percent decline in business revenues is too stringent.

Additionally, the TMBA emphasized the importance of maintaining existing subsidy and loan programs, which facilitate investments in technical upgrades, digital transformation, and the net-zero transition. They also suggested that the government should work on expanding domestic demand and diversifying export markets by investing in public infrastructure projects to stimulate automation and smart manufacturing.

The association further recommended setting up a consultation platform to aid industries in navigating the new U.S. tariffs. This platform could provide strategies for logistics realignment, customs clearance, and export market transfers.

Finally, the TMBA called on the government to develop the necessary talent for green manufacturing and AI applications, promoting sustainability within the manufacturing supply chain.