President-elect Donald Trump has chosen Wilbur Ross Jr., a billionaire investor and turnaround specialist, as his commerce secretary.

Ross announced his selection Wednesday during a joint CNBC interview with longtime Wall Street banker Steve Mnuchin, Trump's pick for Treasury secretary.

"Wilbur Ross is a champion of American manufacturing and knows how to help companies succeed," Trump said in a statement announcing his choice.

"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."

 

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