The commercial features a clip of Romney declaring that "it's time to stand up to the cheaters," before a narrator argues the Republican presidential candidate actually was not "tough on China."

"When a flood of Chinese tires threatened a thousand American jobs, it was President Obama who stood up to China and protected American workers," the narrator says.

The ad serves as a rebuttal to a spot released last week by the Romney campaign that suggested American manufacturing has shrunk under the Obama administration and the president has allowed China to manipulate its currency.

During a speech Monday in Ohio, President Obama, addressing Romney's criticism of his China policy, said "you can talk a good game, or you can play one."

“You can talk a good game, but I like to walk the walk, not just talk the talk,” Obama added.

But at a speech in Los Angeles, Romney insinuated that the move on trade policy was a politically calculated response to his advertising campaign.

"President Obama may think that announcing new trade cases less than two months from Election Day will distract from his record, but the American businesses and workers struggling on an uneven playing field know better," Romney said. "If I’d known all it took to get him to take action was to run an ad citing his inaction on China’s cheating, I would have run one long ago."