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)