🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Obama taps former governor Locke as commerce chief

Published 02/25/2009, 12:11 PM
Updated 02/25/2009, 12:16 PM
SOWGn
-

By Doug Palmer

WASHINGTON, Feb 25 (Reuters) - President Barack Obama on Wednesday nominated former Washington state Governor Gary Locke to be U.S. commerce secretary, turning to a West Coast politician with a history of working with China after his two previous nominees backed out.

"Gary will be a trusted voice in my cabinet, a tireless advocate for our economic competitiveness, and an influential ambassador for American industry who will help us do everything we can - especially now - to promote it around the world," Obama said.

Locke is Obama's third nominee for commerce secretary after both New Mexico Governor Bill Richardson and Senator Judd Gregg accepted the nomination and later withdrew.

"It's not lost on anyone that we have tried this a couple of times. But I'm a big believer at keeping at something until you get it right," Obama said.

Locke was the first Chinese American governor in U.S. history. During his two terms from 1997 through 2004 he led eight trade missions to China and opened a Washington state trade office in Guangzhou.

Although Washington state's exports to China have boomed, the overall U.S. trade deficit with China hit a record $266.3 billion last year and remains a sore spot in relations between the two countries.

Many U.S. politicians -- including Obama himself during last year's election campaign -- have said one big reason for the imbalance is because Beijing manipulates its currency to give its exporters an unfair price advantage.

"Our nation's economic success is tied directly to America continuing to lead in technology and innovation and in exporting those products, services and ideas to markets around the globe," Locke said.

DOHA ROUND

Business groups hope Locke will be a strong advocate for completing the long-running Doha round of world trade talks and moving forward on free trade deals with Colombia, Panama and South Korea that the Bush administration negotiated.

"This is a guy that comes from a state that understands the importance of trade," said Myron Brilliant, senior vice president for international trade at the U.S. Chamber of Commerce.

Washington is home to software giant Microsoft and aircraft manufacturer Boeing's main production facilities, as well as international coffee purveyor Starbucks. The state's wheat and apple farmers also depend on access to overseas markets for a big part of their income.

Locke is a partner in the Seattle office of law firm Davis Wright Termaine, where he has specialized in China, energy and government relations issues. He is also a member of the Committee of 100, a group of Chinese Americans who encourage strong ties between the United States and China.

U.S. labor groups have backed Locke for the commerce job and say they hope he will work within the Obama administration to put pressure on China to improve worker rights. (Additional reporting by Matt Spetalnick, David Alexander and Ross Colvin; Editing by Sandra Maler)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.