Lee Jae-myung, a key contender in the South Korean presidential race, emphasized on Sunday the necessity to reassess the deadline for concluding a trade agreement with the United States regarding President Donald Trump’s tariffs. He believes that a revised timeline is essential to create a mutually advantageous arrangement for both allies.
Addressing a press conference, Lee noted that tariff negotiations with the U.S. will pose significant challenges for whomever emerges victorious in the June 3 election.
The upcoming snap election follows the impeachment and ousting of former President Yoon Suk Yeol, who attempted to declare martial law in December. As a candidate of the leading opposition Democratic Party of Korea, Lee is currently ahead in opinion polls compared to his conservative counterparts.
Both Seoul and Washington have indicated their objective of finalizing a deal on tariffs and economic cooperation by July 8. However, South Korea’s trade and industry minister recently expressed concerns that this timeline may not suffice, especially given potential delays stemming from the election period.
“The time is tight,” Lee remarked. “Isn’t diplomacy meant to benefit both parties? If one nation gains at the expense of another, that cannot be classified as diplomacy; it is akin to exploitation.”
He urged for a relationship built on mutual respect, suggesting that the imposed timetable should not be strictly adhered to by either side.
As part of his economic strategy, Lee asserted that South Korea should establish an additional budget to stimulate the economy in the short term. He pledged to initiate and lead a task force focused on addressing the nation’s economic slowdown if elected.
“I will swiftly prepare actionable economic strategies and proactively respond to the domestic economic decline with a determined effort to combat recession,” he stated.
Lee expressed his commitment to pursuing peace on the Korean peninsula, criticizing the previous administration’s harsh stance on North Korea, which he argues has heightened tensions and created unease among foreign investors.
“While we must uphold and fortify our defense capabilities and the South Korea-U.S. security alliance, we should simultaneously seek pathways for dialogue and collaboration whenever feasible,” Lee declared, emphasizing a pragmatic approach to diplomacy.
Current polling data from Gallup Korea shows Lee leads the race with 45% support, compared to 36% for his conservative rival, Kim Moon-soo, who served as Yoon’s labor minister. Kim has been narrowing the gap that initially saw Lee leading by double digits. Responding to his declining poll numbers, Lee expressed confidence that voters would not favor those involved in the “insurrection,” referencing the criminal charges faced by Yoon regarding his martial law declaration.
