Mexico to Lift Tariffs as U.S. Approves Trucking Permit

October 14, 2011, 1:38 PM EDT

By Thomas Black
(Bloomberg) --

Mexico said it will lift tariffs on 99 U.S. goods following the approval of the first cross-border permit for a Mexican trucking company under an agreement reached in March.

Transportes Olympic, based in Monterrey, Mexico, received the permit today from the Federal Motor Carrier Safety Administration, Mexico’s Economy Ministry said today in an e- mailed statement. The trucking company also was the first participant in a similar program in 2007 that the U.S. later canceled.

“Mexico will proceed to lift, within five business days, the tariffs on 99 U.S. products that our country was forced to impose as retaliation after the cancellation in 2009 of the previous program,â€