President Donald Trump on Thursday formally gave notice he plans to renegotiate NAFTA, the free trade deal between the United States, Canada and Mexico.

His decision triggered a 90-day consultation period among his administration, Congress and businesses.

Negotiations could start as soon as August.

"Since the signing of NAFTA, we have seen our manufacturing industry decimated, factories shuttered and countless workers left jobless. President Trump is going to change that," Commerce Secretary Wilbur Ross said in a statement Thursday.

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