Seoul, June 4
Facing the dual challenges of the United States' aggressive tariff scheme and sluggish domestic demand, President-elect Lee Jae-myung is expected to prioritise securing a favourable trade deal with Washington and implementing measures to revitalise the stagnant economy through supplementary budgets and the promotion of advanced industries, experts said on Wednesday.
"My first directive as president would be to assess the economic situation. Revitalising the economy and restoring the people's livelihoods should take precedence over social reform or any other issues for now," Lee said at a press conference on Monday, the eve of the presidential election, in which he defeated his conservative rival Kim Moon-soo, reports news agency.
The most pressing issue for Lee is trade negotiations with U.S. President Donald Trump, as Washington's sweeping tariff policies have dealt a blow to South Korea's trade-dependent economy.
The new government is supposed to conclude negotiations with the U.S. before July 9, when Trump's 90-day suspension of high global tariffs, including a 25 percent levy on South Korea, is set to expire. Seoul and Washington have agreed to work toward a comprehensive "package" agreement covering trade and related issues before the 90-day period runs out.
Lee has said that his priority is meeting with Trump, while emphasising the importance of engaging in "reasonable and rational conversations" to reach mutually beneficial solutions.