U.S. Announces China Trade Suit

    In this photo released by Ford Motor Co., workers assemble a car at a new Ford/CFMA Chongqing Plant after its launching ceremony in Chongqing, China, Monday Aug. 27, 2012. Ford Motor Co. is building a sixth plant in China as part of an effort to increase its sales in the world's largest auto market. (AP Photo/Ford Motor Co.) EDITORIAL USE ONLY

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    President Obama has announced plans to file a broad suit against China's World Trade Organization, accusing the country of illegal practices regarding its auto trade in a complaint filed Monday. The president used the opportunity to take aim at Mitt Romney, arguing that the GOP nominee contributed to the problem during his time at Bain Capital by relentlessly outsourcing jobs. In response to Obama's jab, Romney said the president's "credibility on this issue has long since vanished." China is a growing exporter of automotive parts, and the White House’s complaint says that from 2009 to 2011 exporters got $1 billion in illegal subsidies that put American suppliers at an unfair disadvantage.

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