The United States government has welcomed the election of Lee Jae Myung of the Democratic Party as the 14th President of South Korea. Myung won the election on Wednesday with a sweeping 49.4 per cent against his opponent Kim Moon-Soo, who garnered 41.2 per cent.
A statement shared by the US Department of State promises a robust partnership with the new South Korean leadership in defense and addressing economic challenges.
“The United States and the Republic of Korea share an ironclad commitment to the Alliance grounded in our Mutual Defense Treaty, shared values, and deep economic ties,” reads a statement shared by the US Department of State.
According to the Peterson Institute for International Economics, exports could decrease to 1.5 per cent by 2025, with the existing US policy identified as a significant risk factor.
The report shows that South Korea's export figures for 2024 fell from approximately 25 per cent to 19.5 per cent, while exports to the United States rose from an estimated 12 or 13.5 per cent to 18.7 per cent in the same year.
South Korea's trade balance with China shifted from a surplus of $44.3 billion in 2017 to a deficit of $6.4 billion by 2024, whereas the surplus with the United States increased by 2.8 times over the same timeframe.
