South Korea will work to achieve the "best possible" outcome in the ongoing tariff negotiations with the United States in terms of national interest, the country's new industry minister said on Monday, with less than two weeks left until the August 1 deadline for trade talks with the Donald Trump administration.

"We are in a very serious situation with all possibilities on the table in the ongoing tariff negotiations with the U.S.," Yonhap News Agency quoted Industry Minister Kim Jung-kwan as saying.

"The industry ministry is currently refining its negotiation strategy in close collaboration with other relevant ministries and will put in all-out efforts to ensure the trade talks are concluded smoothly."

"We are fully aware of the concerns being raised regarding tariff negotiations, and by taking these sensitivities into careful consideration, we will work to achieve the best possible outcome from the perspective of our national interest," he said.

Kim's remarks were made at an emergency meeting on the strategy for trade negotiations with the Trump administration, attended by officials from major business organizations and trade experts.