The U.S. and Mexico reached a preliminary agreement on resolving a cross-border trucking dispute that led to $2.4 billion in Mexican tariffs on U.S. goods.
President Barack Obama and Mexican President Felipe Calderón on March 3 announced "a clear path" to ending the dispute and lifting the tariffs -- at some point.
U.S. and Mexican negotiators first must deal with "remaining issues" and the Obama administration must confer with "interested members of Congress."
Business Groups' reaction news from JOC:
Business Groups Applaud U.S.-Mexican Trucking Pact
Obama and Calderón said their goal is to establish "a reciprocal, phased-in program built on the highest safety standards" for both U.S. and Mexican truckers.
Once a final agreement is reached, Mexico will phase-out its retaliatory tariffs, beginning with reducing tariffs 50 percent at the signing of an agreement.
Mexico will suspend the remainder of the tariffs when the first Mexican carrier is granted operating authority under the program, the White House said.
The tariffs will be terminated when the program is "normalized."
"This agreement will deliver a program that is safe, secure, efficient, and advances the economic interests of both the United States and Mexico," the White House said.
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