U.S. Announces China Trade Suit

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.