South Korea’s Presidential Frontrunner Lee Proposes Extending Tariff Talks with U.S.

South Korea's leading presidential candidate, Lee Jae-myung, suggested on Sunday that the deadline for trade tariff negotiations with the United States should be reconsidered to allow for a mutually beneficial agreement between the two longtime allies.

Speaking at a press conference, Lee emphasized that tariff talks with the U.S. will be one of the biggest challenges facing whoever wins the upcoming June 3 presidential election.

The snap election was triggered after President Yoon Suk Yeol was impeached and removed from office for briefly declaring martial law in December. Lee, representing the main opposition Democratic Party of Korea, is currently leading in national polls, ahead of his conservative rivals.

Both Seoul and Washington have stated they aim to finalize a tariff and economic cooperation deal by July 8. However, South Korea’s Minister of Trade and Industry recently said that time is limited and a delay may be necessary due to the election.

“There’s not much time left,” Lee said. “Isn’t diplomacy supposed to benefit both sides? If one country benefits while the other suffers, that’s not diplomacy — that’s exploitation.”

Lee called for mutual respect between South Korea and the U.S., stating that the timeline set unilaterally by one side should be reconsidered. He also stressed the need for an emergency budget to revitalize the economy and pledged to form and lead a task force to respond to the economic downturn if elected.

“I will quickly implement immediately actionable economic policies and respond decisively to the domestic economic slowdown,” he stated.

On foreign policy, Lee vowed to pursue peace on the Korean Peninsula, criticizing the hardline stance of former president Yoon, which he claimed heightened tensions and hurt investor confidence and economic stability.

“We must maintain and strengthen our national defense and the South Korea-U.S. security alliance, but also seek opportunities for dialogue, cooperation, communication, and peaceful coexistence whenever possible,” said Lee, who identifies pragmatism as key to diplomacy.

According to the latest Gallup Korea poll released Friday, Lee is leading the race with 45% support, ahead of conservative challenger Kim Moon-soo, a former labor minister under Yoon, who has 36%.

Although Kim has been closing the gap, Lee expressed confidence, saying he believes voters will not support those connected to the “insurrection”, referring to criminal charges brought against Yoon for declaring martial law.

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Source: CNBC