Lee Jae-myung elected South Korea’s president, pledges unity

Lee Jae-myung has been elected as the new president of South Korea, succeeding amid a period of political turbulence. The liberal opposition candidate's victory follows the brief imposition of martial law by the ousted conservative leader Yoon Suk Yeol. Lee's win, although significant, is not expected to immediately alter South Korea's foreign policy stance. However, his administration faces several immediate challenges, including US tariff policies under President Donald Trump and North Korea's advancing nuclear programme.

Lee, who led the Democratic Party, secured 48.86% of votes with nearly 95% of ballots counted by early Wednesday. His main opponent, Kim Moon Soo, garnered 41.98%. Despite pre-election surveys suggesting a clear lead for Lee, the exit polls showed a closer competition. Kim conceded before the official results were announced, stating that he "humbly accepts the people's choice" and congratulated Lee on his victory.

Upon his victory, Lee addressed thousands of supporters in Seoul without formally claiming victory but emphasised his goals of revitalising the economy, promoting peace with North Korea, and easing domestic divisions. "Let us move forward with hope and make a fresh start from this moment on," Lee urged, highlighting the inclusivity of all citizens, regardless of their political stance.

Lee, previously a governor and mayor, is known for his pragmatic approach to diplomacy. He aims to strengthen the trilateral Seoul-Washington-Tokyo partnership and cautiously pursue improved relations with North Korea. However, he acknowledged that achieving a summit with North Korean leader Kim Jong Un is "very difficult". This diplomatic caution reflects the challenges South Korea faces with Trump's tariffs and the broader regional security dynamics.

South Korean trade officials have already convened an emergency meeting following Trump's announcement to increase tariffs on steel and aluminium products to 50%. The economic impact of these tariffs, combined with weak domestic demand exacerbated by recent political unrest, has led South Korea's central bank to lower its 2025 growth outlook to 0.8%. Lee has advocated for patience in negotiations, cautioning against rushing into agreements with Washington.

The election marks another pivotal moment in South Korea's democratic journey, yet the domestic political divide poses a considerable challenge for Lee's presidency. The past six months have seen intense public demonstrations, leading to Yoon's impeachment and subsequent dismissal. Lee has pledged to heal this national split, but his vow to hold those accountable for the martial law incident has sparked concerns about potential political retaliations.

During his campaign, Lee called on voters to "deliver a stern and resolute judgement" against the conservatives for the martial law imposition. He warned that a win for Kim Moon Soo would signify "the return of the rebellion forces, the destruction of democracy and the deprival of people's human rights." Meanwhile, Kim Moon Soo argued that Lee's victory could lead to an excessive concentration of power.

As Lee prepares to be sworn in for a five-year term, the absence of the usual two-month transition period underscores the urgency of addressing both domestic and international issues. His critics view him as a populist, while supporters see him as a reformer poised to tackle economic inequality and corruption. How Lee navigates these multifaceted challenges will define his presidency's success.