The Romney campaign has stepped up its criticism of Barack Obama, US president, for being too lenient with China on its economic policies, saying America has “l(fā)ittle to lose” in being more confrontational with the Asian nation and brushing off concerns that this could lead to a trade war.

“If you go with an outstretched hand to countries that are cheating, you get the short end of the stick and we have been seeing that for some time with China,” said Oren Cass, a domestic policy adviser to Mitt Romney’s campaign. “Taking a tougher stance won’t endear us to the Chinese leadership but we have little to lose if they are already pursuing the policies that harm us.”

Although Mr Romney has pledged to label China a “currency manipulator” on his first day in office, which the Obama administration has declined to do, Mr Romney is not supporting legislation in Congress intended to force China to allow its currency to appreciate further.