Lee Jae-myung has become the new President of South Korea. He took office on Wednesday and promised to fix the country’s democracy, which he said was almost ruined. He also said he would work to improve the economy, which is facing problems from other countries trying to protect their own businesses.
Lee’s Win Follows Problems with Previous Leader
Lee won the election on Tuesday by a lot. This comes after the previous president, Yoon Suk Yeol, was removed from office just three years into his term. People were angry about an attempt by Yoon to use military rule.
Big Challenges Ahead for New President
President Lee has many difficult issues to deal with. He needs to help the country heal after the problems caused by the attempt at military rule. He also has to handle unpredictable trade actions from the United States, which is a major trading partner and ally for South Korea.
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Lee’s Plans for Economy and North Korea
Lee said his government will support businesses and try to help them grow. He promised to talk to North Korea again, even though there have been tensions in the past. He also wants to keep a strong relationship with the United States for security and have good relations with other countries.
Focus on Peace and Security
About North Korea, Lee said that it’s better to have peace without fighting. He thinks avoiding war is the best way to keep the country safe.
Official Confirmation and First Actions
The election commission officially confirmed Lee as president. He immediately started his duties, including talking to the top military leader about the country’s defence.
Strong Voter Turnout in the Election
Lee received about 49.4% of the votes. His main opponent, Kim Moon-Soo, got about 41.15%. More people voted in this election than in any presidential election since 1997.
Immediate Focus on Economic Issues
Lee said that on his first day as president, he would start working on the urgent economic problems facing South Korea. He wants to help families with low and middle incomes who are struggling with the cost of living, as well as small business owners who are facing difficulties.
Trade Issues with the United States
Lee also has to deal with a deadline from the White House about import taxes. The US says these taxes are causing a big trade imbalance between the two countries.
Stock Market Reacts Positively
South Korean stocks went up on Wednesday morning after Lee’s election. The main stock index rose by more than 2%, which was the highest it has been in 10 months. Stocks in the financial sector and renewable energy also increased. Lee has said he wants to use more green energy.
Dealing with Trump’s Tariffs
The previous government had not made much progress in dealing with high import taxes announced by US President Donald Trump. These taxes would hurt important South Korean industries like car making and steel production. Experts say President Lee will need to quickly try to reach an agreement with Trump on this issue.
US Reaction to Lee’s Election
US Secretary of State Marco Rubio congratulated Lee on winning the election. He said the US and South Korea have a strong commitment to their alliance because they share the same values and have close economic ties. He also said they would work together to update their alliance to meet current challenges.
The White House said the election in South Korea was “free and fair.” However, the US remains concerned about China’s influence in democracies around the world.
Lee’s Approach to China and Japan
Lee has suggested he wants to have better relations with China and North Korea. He pointed out that China is a very important trading partner. However, he seemed hesitant to take a strong position on security issues in the Taiwan Strait.
Despite this, Lee has promised to continue the previous president’s efforts to improve relations with Japan. He also emphasized that the alliance with the United States is the most important part of South Korea’s foreign policy.
Source: TBS
