Lee Jae-myung wins South Korean Presidential election

Lee Jae-myung of South Korea’s opposition Democratic Party has been elected president, defeating Kim Moon-soo of the ruling People Power Party in a closely watched vote seen as a public rejection of the country's recent political turmoil, reports Reuters.

Kim conceded defeat and congratulated Lee following the announcement of results. “I respect the people’s verdict and congratulate Lee,” Kim said in a statement.

In his victory speech, Lee pledged to prioritize economic recovery and pursue lasting peace on the Korean Peninsula. “My government will work to restore the economy and establish lasting peace,” he said.

The election followed months of political tension stemming from allegations against outgoing President Yoon Suk-yeol, who was accused of attempting a coup six months ago. The vote was widely viewed as a referendum on his administration, with the electorate opting to bring the opposition back to power.

Lee’s political career has been marked by controversy, including a loss in the presidential race three years ago and several ongoing criminal investigations. Despite this, he successfully built a broad coalition across social and political divides during the campaign.

Analysts say Lee will face immediate challenges both domestically and internationally. Key among them will be negotiations with Washington over trade and security, as speculation grows that the U.S. may scale back its troop presence in South Korea amid ongoing tensions with North Korea.

Although Lee has previously voiced skepticism about the U.S.-South Korea alliance, he adopted a more moderate stance during the campaign. He has also signaled an interest in strengthening ties with China, a position that may complicate Seoul’s strategic relations with Washington.