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It is a form of the verb to deal, meaning

1. To hand out cards to each player in a card game.

2. (to deal with) To engage in commerce with, to buy and sell with someone

3. (to deal with) To take action about something

4. (to deal in) To trade in a certain kind of goods

E.g. "This Mr. Jones is a trader dealing in leather goods; I've been dealing with him for years. I'm playing cards and dealing right now. I'll be dealing with his request later."

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