Huntsman is known for his fiscally conservative background. (World Economic Forum via Creative Commons)

Hunstman will join a field of candidates for the Republican nomination that includes former Speaker of the House Newt Gingrich, Rep. Ron Paul of Texas, Tea Party favorite Michele Bachmann and a fellow Mormon, Massachusetts governor Mitt Romney.

“We will not be the first generation that lets down the next generation,” Hunstman said in his announcement speech. “We have the power, we have the means, we have the character to astonish the world by making from adversity a new and better country.”

Huntsman made it clear that his platform will be the economic recovery of the nation.  While in office in Utah, he was responsible for the largest tax cut in the history of that state, more than $400 million.

His voting record is classically fiscally conservative, yet Huntsman has supported civil unions, reducing greenhouse-gas emissions and in-state tuition for children of illegal immigrants.

He is perhaps best known for serving as the American Ambassador to China under President Obama, and before that as Ambassador to Singapore under George H.W. Bush.

“I respect the president,” Huntsman offered of his former boss. “He and I have a difference of opinion on how to help the country we both love.”

Huntsman has been leading up to the announcement all week, the L.A. Times reported. New videos and photos have been posted on his website and Facebook page daily.

He plans to follow up Tuesday’s announcement with a mini-tour of the states, the first stop being New Hampshire.

Incidentally, Gallup poll released Tuesday said 22 % of Americans would be “hesitant” to support a Mormon as a candidate in the 2012 election.

Watch a video of his announcement speech here.