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China has warned against the proposed tariffs on steel and aluminum, but in fact, they'd barely put a dent in its economy. The country exports just 1 percent of its steel to the United States. Really, economists argue, the bigger trade fight with China has little to do with metal. This week, President Donald Trump tweeted that the U.S. is acting swiftly on the issue of intellectual property theft, something U.S. businesses working in China have complained about for years. And that's something that could lead to a nasty trade fight.

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