Word: valorem
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Valuation. The tariff imposes two kinds of duties: 1) specific; 2) ad valorem, based on the value of the imported goods. The flat rate of 6? per lb. on fresh beef, is a specific duty. The rate of 40% on wire rope is an ad valorem duty. The first is fixed, regardless of price; the second varies with the value of the commodity. On many items the tariff is a combination of specific and ad valorem rates. (Example: violins, specific duty of $1.25 each, plus an ad valorem duty...
...proposed to impose a 70% ad valorem duty on surgical instruments. A German lancet is purchased in Berlin for $1.50. By foreign valuation it would pay a duty of $1.05 on entering the U. S. and go into the domestic market at $2.55. A U. S. lancet of the same character and quality sells for $2.50. If U. S. Valuation were applied to the German lancet on import, it would have to pay a duty of $1.75, giving it a sale price...
...manufacturers have long clamored for a U. S. Valuation system, largely because it would mean much higher duties, hence greater "protection." They have claimed that imported goods are grossly undervalued on the foreign-valuation basis to get the benefit of cheaper ad valorem duties...
...articles not specifically mentioned in the tariff to be subject to a 40% ad valorem duty, instead of the present...
Their mission: To defend or to abandon the 25% ad valorem tariff on imported automobiles, as specified in the tariff measure passed by the House of Representatives and now before the Senate. Their message: That the automotive industry would be well satisfied with a 10% duty. But countervailing duties* should be maintained and the 25% duty should remain on trucks, buses...