Am I, in fact, going to be hit with a $100 tariff on a $2 item ($2+$100=$102) or a $2.40 tariff ($2*1.2=$4.40) ?

I am looking for language like "Whichever is greater" in the announcement and I'm not seeing it. Do importers choose which to go with? Do customs? It looks like before, shipments below $800 were exempt of all tariffs under the "De Minimis exemption", and that exemption is going away, but I'm still not clear on how the rest of this works.