14 June 2011 11:30 AM, PDT | The Daily Beast | See recent The Daily Beast news »

President Obama's former ambassador to China declared Tuesday he'll announce his candidacy against his old boss "a week from today." The Daily Beast's McKay Coppins reports from the event. Plus, read about the Mormon moment in this week's issue of Newsweek.

Jon Huntsman, Jr. told a VIP crowd of journalists, diplomats, and CEOs Tuesday afternoon that he plans to announce his presidential candidacy in one week, joking that "since we're in selected company and there aren't many people listening in" he could safely declare his intentions.

Related story on The Daily Beast: Why Obama's Still Untouchable in 2012

Huntsman, a moderate Republican who is fluent in Mandarin, is expected to announce his candidacy at Liberty State Park in New Jersey on June 21. His campaign will be based in Florida.

Tuesday's event was a Thomson Reuters luncheon featuring a discussion about the rising power of China, between Huntsman-who served as U. »

- McKay Coppins

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