South Korea’s new President vows to bolster US-Japan ties, pursue talks with North 

Lee, who rose from childhood poverty to become South Korea's leading liberal politician vowing to fight inequality and corruption, formally began his term, a day after winning a snap election

Seoul: South Korea’s new President Lee Jae-myung vowed on Wednesday to restart dormant talks with North Korea and bolster a trilateral partnership with the US and Japan, as he laid out key policy goals for his single, five-year term.

Lee, who rose from childhood poverty to become South Korea’s leading liberal politician vowing to fight inequality and corruption, formally began his term earlier on Wednesday, a day after winning a snap election that was triggered in April by the removal of then-President Yoon Suk Yeol over his ill-fated imposition of martial law late last year.

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In his inaugural address at the National Assembly, Lee said that his government will deal with potential North Korean aggression with “strong deterrence” based on the solid South Korea-US military alliance. But he said he would “open a communication channel with North Korea and establish peace on the Korean Peninsula through talks and cooperation.”

He said he’ll pursue pragmatic diplomacy with neighbouring countries and boost trilateral Seoul-Washington-Tokyo cooperation based on the robust South Korea-US alliance.

“Through pragmatic diplomacy based on national interests, we will turn the crisis posed by the major shift in global economic and security landscapes into an opportunity to maximise our national interests,” Lee said. It was unclear whether Lee’s election would cause any major, immediate shift in South Korea’s foreign policy.

Lee, previously accused by critics of tilting toward China and North Korea and away from the US and Japan, has recently repeatedly stressed South Korea’s alliance with the US as the foundation of its foreign policy.

The toughest external challenges awaiting Lee are US President Donald Trump’s tariff policy and North Korea’s advancing nuclear programme.

But experts earlier said whoever becomes president can’t do much to secure major progress in South Korea’s favour on those issues.

During his inauguration speech, Lee didn’t directly mention trade issues with the US. Lee said revitalising a slowing domestic economy would be his top priority and that his government would immediately launch an emergency task force to wage a “head-on battle” against the threats of recession.

He also promised more aggressive government spending to help spur economic activity.

South Korea’s central bank cut its key interest rate and sharply lowered its growth outlook for 2025 to 0.8 per cent, as it moved to counter US President Donald Trump’s tariff hikes and weak domestic demand worsened by recent political turmoil.

Lee’s term began immediately without the usual two-month transition period after the National Election Commission formally confirmed his election victory. In a telephone call with Joint Chiefs of Staff chairman Kim Myung-soo, Lee asked the military to closely monitor North Korean moves and maintain a solid readiness based on the combined South Korea-US military alliance, according to local TV footage.

Lee later visited the national cemetery in Seoul to pay respects to late Korean leaders, patriots and war dead who are buried there.