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Deals damage. Power doubles against Pokemon using Bounce, Fly, or Sky Drop.
Gust is the weakest of all the Flying-type moves. Furthermore, Bounce or Fly aren't common enough to justify its use, and even if they were, it would still be too weak. Thus, it should never be considered as a option for any competitive battle.
Air Slash is a much more powerful option, but has a chance to flinch the target.