SEOUL — In a historic and high-stakes election, Lee Jae-myung of the Democratic Party has emerged as South Korea’s new president, defeating conservative candidate Kim Moon Soo and taking the reins of a nation grappling with political division, economic volatility, and rising regional security concerns.
Lee secured 48.86% of the vote, according to preliminary results with nearly 95% of ballots counted, narrowly surpassing Kim Moon Soo, who garnered 41.98%. While early polls had predicted a comfortable lead for Lee, exit polls revealed a tighter contest. Kim conceded defeat before official results were finalized, congratulating his rival and stating he “humbly accepts the people’s choice.”
The election marks a dramatic end to a turbulent chapter in South Korean politics, which saw former conservative president Yoon Suk Yeol impeached and ousted following a brief and controversial imposition of martial law. Lee’s victory, widely seen as a referendum on that authoritarian move, signals a pushback against political overreach but also sets the stage for a presidency facing immediate and complex challenges.
Addressing a crowd of supporters in central Seoul, Lee refrained from formally declaring victory but spoke with resolve about his vision. “Let us move forward with hope and make a fresh start from this moment on,” he said, pledging to revive the economy, reduce social divisions, and cautiously pursue peace on the Korean Peninsula. Known for his pragmatic stance, Lee emphasized inclusivity and urged unity in a nation sharply split by recent events.
A former mayor and provincial governor, Lee enters office without the customary two-month transition, underscoring the urgency of stabilizing the government and tackling pressing domestic and foreign policy issues. At the top of his list is responding to the economic shock triggered by U.S. President Donald Trump’s recent decision to raise tariffs on steel and aluminum to 50%. South Korean trade officials have already held emergency talks, and the country’s central bank has slashed its 2025 growth forecast to a modest 0.8%, citing both external trade friction and weakened consumer confidence at home.
Lee has signaled a careful approach to dealing with Washington, urging patience in trade negotiations while reaffirming his commitment to strengthening ties with both the U.S. and Japan. He also struck a cautious tone on North Korea, expressing willingness to improve relations but admitting that achieving a summit with Kim Jong Un is “very difficult” given current tensions.
While Lee’s election is seen as a victory for democratic accountability, his administration will need to tread carefully. His vow to investigate and hold accountable those behind the martial law imposition has sparked fears of political retaliation. Conservatives have already raised concerns about a potential concentration of power under his leadership, warning of a rollback in institutional checks and balances.
Still, many supporters see Lee as a needed reformer—an antidote to years of entrenched political elites—who can tackle corruption, economic inequality, and administrative inertia. As he prepares to begin his five-year term without delay, all eyes are on how he navigates a deeply divided domestic landscape while steering South Korea through an era of heightened geopolitical and economic uncertainty.
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