Obama challenges Romney on China trade

President Barack Obama meets local residents during a stop at Ann's Place in Akron, Ohio on his two-day campaign bus trip in Ohio and Pennsylvania on Friday, July 6, 2012.
Pool, Ed Suba Jr.,AP Photo/Akron Beacon Journal

(AP) WASHINGTON - President Barack Obama is challenging Mitt Romney's vows to get tough on China, saying in a new ad that Romney "made a fortune" allowing China to take U.S. jobs.

Obama's ad seizes on a report that several businesses backed by Romney's former private equity firm transferred jobs to China and India to cut costs. The narrator says Romney is "not the solution. He's the problem."

The ad follows Obama's two-day bus tour in Ohio and Pennsylvania, where he announced the filing of a trade complaint against China at the World Trade Organization over duties on exports of U.S.-produced automobiles.

The ad is part of a larger $25 million ad buy in July and will run in New Hampshire, Virginia, North Carolina, Florida, Ohio, Iowa, Colorado and Nevada.