What type of tariff is a 15% tax levied on each imported product based on its value?

Explanation

An ad valorem tariff is a tax expressed as a percentage of the value of the imported goods. In this case, a 15% tax per imported item is an ad valorem tariff. Specific tariffs are fixed fees per unit, effective tariffs measure overall tariff impact, and compound tariffs combine both ad valorem and specific components.