Tariff

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Specific tariff:

A specific tariff is levied as a fixed charge per unit of imports. For example, the US government levies
a 51 cent specific tariff on every wristwatch imported into the US. Thus, if 1000 watches are
imported, the US government collects $510 in tariff revenue.

Ad valorem Tariff:

A tariff rate charged as percentage of the price.

Difference btw specific and Ad valorem:

A specific tariff is levied as a fixed charge per unit of imports. ... An ad valorem tariff is levied as a
fixed percentage of the value of the commodity imported.

Compound Tariff:

Compound tariffs: Tariffs that are a combination of specific tariffs and ad valorem tariffs. For
example, a compound tariff might consist of a fixed $100 duty plus 10% of the value of every
imported car.

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