debbie allen's net worth - Now, let's look at the different types of tariffs. There are basically two main categories: *ad valorem* and *specific*. *Ad valorem* tariffs are based on a percentage of the value of the goods, like we mentioned earlier. For example, a 10% *ad valorem* tariff on a product worth $100 would result in a $10 tariff. Specific tariffs, on the other hand, are a fixed amount per unit. For example, a specific tariff of $2 per kilogram of imported sugar. There are also *compound tariffs*, which are a combination of both *ad valorem* and specific tariffs. Plus, there are *retaliatory tariffs*, which are imposed in response to another country's tariffs. The type of tariff used can have a big impact on trade and the final cost of goods. Knowing about the different types helps us to better understand how tariffs affect global trade.
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