The U.S. Senate confirmed billionaire investor Wilbur Ross as commerce secretary on Monday, as President Donald Trump adds to his economic team. Breaking with Republican orthodoxy, Ross said the Trump administration will work quickly to re-do the North American Free Trade Agreement (NAFTA). That’s the massive trade pact with Canada and Mexico that has boosted trade but still stings laid-off workers across the Midwest. The Senate voted 72-27 to confirm Ross.
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Senators from both political parties were deferential to Ross at his nearly four-hour confirmation hearing, which was much more subdued than the confirmation hearings of other Trump nominees.
Worth an estimated $2.9 billion, Ross has extensive business ties around the globe. In 2000, he founded WL Ross & Co., a private equity firm. As part of his ethics agreement, Ross will divest from the firm.