South Korean President Lee Jae-myung has promised to reinvigorate the country’s economy and democracy following years of political instability. His liberal presidency is a drastic change after the former President Yoon Suk Yeol was removed from power for his martial law attempt, precipitating a nationwide outcry and forcing him out of office three years prematurely.
Lee Jae-myung now must tackle enormous challenges—fixing the democratic system, rebuilding investor confidence, dealing with US tariff pressure, and coping with strained North Korea relations. He has also vowed to seek green growth and help poor citizens and small businesses.
Lee Wins Big in Historic Snap Election
Lee Jae-myung won a clear mandate with 49.42% of close to 35 million votes. His conservative challenger, Kim Moon-soo, received 41.15%. Turnout was at its highest level since 1997. Following the verification by the National Election Commission of his victory, Lee promptly took office and wielded full presidential authority.
He met with senior military leaders to evaluate defense preparations. Lee had clambered up onto the parliament wall just months before to cast his vote against martial law—a gesture of his democratic credentials.
Democracy First, Pro-Market Policies Second
During his swearing-in address at parliament, Lee Jae-myung stated that his administration would be pro-market and pragmatic. He vowed to cut red tape and enhance innovation. He pledged that citizens’ economic suffering, particularly among middle- and low-income households, would be addressed.
Small businesspersons and disadvantaged communities can look forward to new measures of support.
Trade, Tariffs, and Negotiations with Trump
President Lee Jae-myung has to respond urgently to US tariffs from Donald Trump. They are aimed at major South Korean exports such as steel and autos. Lee has an early test—to seal an agreement with the Trump administration to ease trade imbalance. The Washington-based Center for Strategic and International Studies cautioned that Lee has to act swiftly in this regard.
Foreign Relations: Balance Over Aggression
Lee Jae-myung intends to re-establish talks with North Korea while strengthening the US alliance. Lee referred to peace without war as the ultimate type of security. Lee also indicated a less tough approach to China, referring to it as a crucial trading partner. But he pledged to stay connected to Japan and to keep South Korea’s diplomatic strategy under Yoon.
Markets React with Optimism
South Korean shares jumped on Lee Jae-myung’s first day in office. The KOSPI jumped more than 2% to a 10-month peak. Financial and clean energy shares spearheaded the rally. Shareholders approved of Lee’s emphasis on reforms and green energy.
Lee becomes president at a time of crisis. His choices in the next few weeks will set South Korea on its future course—on democracy, diplomacy, and the economy.
