The U.S. government probably won't begin "real" negotiations to revamp the North American Free Trade Agreement until later this year, Commerce Secretary Wilbur Ross said.

"I would like the results tomorrow, but that is not the way the world works," Ross said Wednesday in an interview with Bloomberg Television. He said it probably will be "the latter part of this year before real negotiations get under way."

Ross, who was sworn in last month as Commerce secretary, said he hopes the talks don't take "substantially longer than a year."

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