Ad valorem tariffs on imports are based on a percentage of an import's value; specific tariffs are based on a lump sum per physical unit imported.

Name: Ad valorem tariffs on imports are based on a percentage of an import's value; specific tariffs are based on a lump sum per physical unit imported.
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Ad valorem tariffs are based on a percentage of an import's value, while specific tariffs are based on a fixed amount per unit imported.

Ad Valorem Tariffs on Imports Are Based on a Percentage