Overview

• Lee Jae-myung held a modest inauguration at the National Assembly and formally assumed operational control of South Korea’s military.
• He vowed to “heal the wounds” of division with North Korea and pursue dialogue without preconditions to build lasting peace.
• He warned that rising protectionism threatens South Korea’s export-driven economy and inherited 50% US duties on steel, aluminum exports.
• US Secretary of State Marco Rubio and the prime ministers of Japan and India extended congratulations and pledged to strengthen cooperation.
• South Korean financial markets rallied on Lee’s election, even as he must address the world’s lowest birth rate to avert a demographic crisis.