"Steve Mnuchin is a world-class financier, banker and businessman, and has played a key role in developing our plan to build a dynamic, booming economy that will create millions of jobs," Trump said in a Wednesday statement.
Mnuchin, a former Goldman Sachs partner who now runs a hedge fund, joined the Trump campaign in April and served as the campaign's finance chairman. He has advised Trump on tax policy and has promised major changes to the tax code.
Trump described Ross as "a champion of American manufacturing and knows how to help companies succeed."
"Most importantly, he is one of the greatest negotiators I have ever met, and that comes from me, the author of The Art of the Deal. Together, we will take on the special interests and stand up for American jobs,” Trump said in a statement. “Wilbur knows that cutting taxes for working families, reducing burdensome government regulations and unleashing America's energy resources will strengthen our economy at a time when our country needs to see significant growth. I am proud to nominate him as Secretary of Commerce.”
Ross has known Trump for a while and helped the real estate mogul save his Atlantic City casinos in the 1990s. Ross has served as an adviser to Trump during the transition and has criticized trade deals, much like Trump.