On Wednesday, Lee Jae-myung was sworn in as the new President of South Korea. He was sworn in by the National Assembly at the Palais de la Nation. He won re-election with a staggering 49.4 percent plurality. This snap election was remarkable in producing the highest overall voter turnout since 1997. Lee, a member of South Korea’s liberal Democratic Party of Korea, assumes leadership following the removal of President Yoon Suk-yeol. He steps into a world of political turbulence and economic malaise.
In his inaugural address, Lee went further and promised an audacious goal. In particular, he promised to shatter the paralysis that has lately characterized South Korean politics. He emphasized his commitment to “heal wounds” caused by ongoing protests and economic turmoil, aiming to unify a divided nation.
The depth of this change was made clear by Lee’s 54% victory over conservative candidate Kim Moon-soo, a rare, if not unprecedented, moment of public sensitivity being rejected. He stressed the critical importance of addressing urgent economic priorities. This is particularly key for middle- and low-income households that are being pinched by increasing living expenses.
In response, Lee articulated that a Lee Jae-myung government will be pragmatic in nature and pro-market in execution. His administration is focused on promoting economic opportunity and prosperity.
The administration’s new president was right to recognize the external storm clouds that were brewing for South Korea, especially on trade. He warned that “rising protectionism and supply chain restructuring” pose threats to the country’s export-driven economy. First and foremost, Lee wants to address the tariffs that the U.S. has enacted on South Korean imports. This notably includes the troublesome 25 percent “Liberation Day” tariffs and the wounding 50 percent tariffs on steel and aluminum products.
Lee is leading the charge on economic reforms. He seeks to reopen dialogue with North Korea, demonstrating that keeping the peace is a higher priority than winning the war. He claimed that peace, at any price, is always preferable to war. This statement, if true, suggests that the North has moved to a new, more conciliatory line on inter-Korean relations.
As he embarks on this new chapter as president, Lee Jae-myung faces the formidable task of stabilizing South Korea’s political landscape while addressing economic issues that directly impact citizens’ lives. His administration will need to work hard to rebuild public trust and therefore clear a path for positive engagement within our borders and across the globe.
