SEOUL - South Korea's trade ministry said Tuesday that it will make efforts for a mutually beneficial trade deal with the United States following US President Donald Trump's effective extension of the pause on new tariffs on South Korean products.

The Ministry of Trade, Industry and Energy said in a statement that Seoul had been engaged in fierce negotiations under the principle of putting top priority on national interests since the inauguration of the new government under President Lee Jae-myung who took office on June 4.

The ministry noted that there was not enough time to reach an agreement on all issues, considering Trump's letter an effective extension of the pause on "reciprocal" tariffs on South Korean products.

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It vowed to step up efforts to reach a mutually beneficial negotiation outcome in the remaining period so as to rapidly resolve uncertainties coming from tariffs, saying that the Asian country will tackle the US major concern of trade deficit issues through improved domestic rules and rationalized regulations.

The ministry added that it will seek to create an opportunity for a leap forward in core industries through a partnership between the two countries for a manufacturing renaissance.

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Trump said in a social media letter addressed to the South Korean leader that the two countries should move away from long-term and persistent trade deficits engendered by South Korea's tariff, non-tariff policies and trade barriers.

The US president noted that his country will charge South Korea a tariff of 25 percent on all South Korean products starting on Aug 1.