South Korea presidential office says tariff talks with U.S. stalled

South Korea's presidential office said on Tuesday that tariff negotiations with the U.S. have been on hold for some time, but South Korean President Lee Jae-myung is committed to preventing Korean companies from experiencing losses by rushing into a trade deal.

The countries have been struggling to overcome obstacles in finalizing a trade deal agreed upon in July. Details of the broad agreement still need to be worked out, especially regarding a $350 billion investment fund.

"We cannot do everything the U.S. wants... Although President Lee aims to reach a deal as soon as possible, he is determined not to give up his role regarding the national interest to meet a deadline," a presidential official told reporters on Tuesday.

South Korea's leading trade envoy, Yeo Han-koo, is currently in the United States conducting follow-up tariff talks.

Yeo told reporters on Monday that Seoul and Washington are still actively engaging in negotiations to finalize a trade deal, but the "devil is in the details," South Korean news outlet Yonhap News Agency reported.

(With input from Reuters)