Thursday, U.S. Trade Representative Robert Lighthizer formally notified Congress that President Trump plans to renegotiate the North American Free Trade Agreement. Earlier this week, Lighthizer told Senators currency manipulation will be part of those discussions. Coalition for a Prosperous America CEO Michael Stumo says he’s hopeful that provision becomes part of the new NAFTA.

He says if currency manipulation is addressed in the NAFTA modernization it could set a precedent for future trade deals, especially with Asian trading partners.

While U.S. manufacturers and CPA have complained about currency manipulation, other groups are more concerned about tariffs and quotas. Stumo says trade needs to be balanced and addressing currency manipulation is a better way to achieve that than going after tariffs.

The notification means negotiations could start in 90-days or by August 16, with a goal of completing a deal by the end of the year.