Wilbur Ross Jr., who was tapped by President-elect Donald Trump to be Commerce Secretary, said on Fox Business Network that the Trans-Pacific Partnership "is not going to happen." 

The proposed trade deal, known as TPP, was opposed by Trump throughout the campaign and he vowed the United States would not be a part of it. 

Maria Bartiromo sat down this morning with Ross and Steven Mnuchin, who was chosen by Trump for the position of Treasury Secretary. 

Ross said he favors bilateral trade negotiations, rather than a deal like TPP which would bring in 12 Pacific Rim nations. He said in larger trade agreements, the United States is asked to make concessions to multiple nations.

"You lose track of the fact [that] we are the biggest market, we are the biggest customer," said Ross, adding that NAFTA must be "fixed."

Trump's selection of Mnuchin, a former Goldman Sachs executive, was immediately criticized by the DNC as a "slap in the face to voters" who believed Trump would "drain the swamp" in Washington. 

Asked about that reaction, Mnuchin said he was "surprised" to see that statement and noted that he has not worked for Goldman since 2002.

He said he has spent most of the past eight years as a regional banker "understanding what this country needs in terms of regional banks and working with banks." 

Mnuchin said he wants "proper regulation" of FDIC banks, but added that many parts of the 2010 Dodd-Frank Wall Street reform bill "make no sense."

Ross added that the average small bank now has more compliance people than lending officers, calling that a "very flawed business model" for a bank.

Watch the clip above and see more from the interview, here.

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