Seoul: The presidential office announced on Friday its commitment to prioritize the national interest in ongoing tariff negotiations with Washington. This decision follows a call from U.S. Commerce Secretary Howard Lutnick for South Korea to either accept a previously established deal or face tariffs.

According to Yonhap News Agency, Lutnick stated on Thursday, during a CNBC interview, that Seoul should adhere to the bilateral framework trade agreement reached in July or be prepared to incur tariffs. This statement comes amid stalled negotiations concerning the specifics of the deal.

The agreement in question involves Washington's commitment to reduce "reciprocal" tariffs on South Korea from a proposed 25 percent to 15 percent, contingent upon Seoul's promise to invest US$350 billion in the United States along with other agreements. Both parties have been negotiating the investment package structure, profit-sharing arrangements, and additional details.

A presidential official emphasized that the government would engage in negotiations with national interest as its top priority. The official referenced President Lee Jae Myung's stance, stating that the government would not participate in negotiations lacking rationality and fairness.

President Lee, during a press conference marking his first 100 days in office, reiterated that no decisions would be made that contradict national interest. Meanwhile, Industry Minister Kim Jung-kwan is in the U.S. to participate in follow-up negotiations related to the July agreement.