Lee Jae-myung Projected to Win South Korea’s Presidency

What Happened?

Liberal candidate Lee Jae-myung is projected to be the winner of South Korea’s presidential elections. His opponent, conservative Kim Moon-soo, has conceded the race and called Lee to congratulate him. 

With over 90% of the ballots counted on Tuesday, Lee Jae-myung had received 48.7% of the vote while Kim Moon-soo received only 42.2%. President-elect Lee, who is expected to take office Wednesday, issued a message of national unity in his speech after the vote had been concluded, promising to do everything he could to ‘revive economic momentum and improve people’s livelihoods.’

Why it Matters

The vote on Tuesday which elected Lee Jae-myung as the new President of South Korea followed a tumultuous time for the country, though it remains unclear if South Korea’s politics will return to normal anytime soon. 

The previous president was impeached and removed from office on charges of corruption, a fate not unlike several other past South Korean presidents. Of the past nine men to be President of South Korea, four were convicted and jailed after they left office, two were impeached, and one committed suicide. 

South Korea’s two largest trading partners are the United States and China, and the trade war between those two countries has left South Korea caught in the middle. The situation echoes an old saying, that Korea is forever ‘a shrimp trapped between two whales.’ Though the historical adage refers to China and Russia, the same logic applies today to the way South Korea is caught in the trade war between the United States and China. 

President-elect Lee has promised to try to improve relations with China and the United States, which will require a difficult political balancing act. Thus far, Mr. Lee has not given any indications as to how he will approach relations with the Trump Administration. But he has been firm in his resolve to improve South Korea’s economy by strengthening economic ties with both China and the United States. To date he has not given any specifics as to how he would accomplish this. 

Mr. Lee has also signaled support for the U.S. led defense alliance in the Pacific, which includes Japan and Australia. Unlike some of his predecessors, Mr. Lee has not been an outspoken advocate for reunification with North Korea. Relations between North and South Korea remain tense, especially since North Korea has increased both its rhetoric and military readiness, in addition to signing a landmark defense treaty with Russia.

How it Affects You

South Korea has the fourth largest economy in Asia and the thirteenth largest in the world. And is a key trading partner with the United States, in addition to providing a number of military bases home to a sizeable contingent of American personnel. President-elect Lee’s party also has control of the legislature, giving him broad power to make and enforce policies. Which policies he enacts will resonate not only in South Korea but in China and America as well.