Jean Mackenzie, the Seoul correspondent, reports on the election of Lee Jae-myung as South Korea’s new president, who assumes office immediately following the impeachment of former President Yoon Suk Yeol. South Koreans have vehemently rejected a potential return to a military dictatorship through their vote for Lee, who campaigned on strengthening democracy and unifying the nation. However, Lee faces a challenging “honeymoon” due to the imminent threat of an economic crisis sparked by potential trade tariffs from the United States imposed by President Donald Trump.
Lee must navigate this crisis, as the US has the power to destabilize South Korea’s economy, security, and relationship with North Korea. South Korea assumed that being a longstanding military ally and having a free-trade agreement with the US would exempt them from tariffs. Hanson’s seasoned advisor, Moon Chung-in, stated that these tariffs could trigger an economic crisis. Before Trump’s tariff announcements, South Korea’s economy was already slowing, further constricted by the martial law chaos.
The US guarantees South Korea’s security through a mutual defense treaty and has 28,500 troops stationed in the country. However, Trump equates trade and security in his negotiations with South Korea, signaling that Seoul is not pulling its weight in these areas. Material Calculator
Source: https://www.bbc.com/news/articles/cpvkxxerln1o
