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https://www.fastinews.com/iNWS/wp-content/uploads/2025/04/figvat1-94d7ffa29ea66cfa67b61d60a125be92790841af-scaled.jpg25601920If you've ever passed through airport customs overseas and been refunded a VAT — or value added tax — for souvenirs, you've benefited from the VAT system. But President Trump says VAT is unfair to the U.S. On today's episode, we learn what VAT is and what it isn't. Related episodes: What's so bad about a trade deficit? (Apple / Spotify) Tarrified! We check in on businesses (Apple / Spotify) Why there's no referee for the trade war (Apple / Spotify) For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Fact-checking by Sierra Juarez. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.