In the New Hampshire debate, Mitt Romney trumpeted his willingness to engage China in a trade war. Romney’s longstanding efforts to paint himself as someone willing to stand up to China exemplify an alarming trend of China-bashing in U.S. politics. Rick Santorum, among others, has echoed Romney, declaring, “I want to beat China.” Such statements are primarily targeted at shoring up political support and secondarily at painting President Obama as being soft on China. We should not take them as an accurate indication of future policy. And despite this overriding political calculus, these remarks are on to something – Beijing’s currency manipulation gives China a competitive advantage in global trade, and its abuse of intellectual property rights ought to be …