South Korean media say liberal opposition candidate Lee Jae-myung has been elected president

SEOUL, South Korea (AP) - Lee Jae-myung, who rose from childhood poverty to become South Korea's leading liberal politician vowing to fight inequality and corruption, was elected president Wednesday in an election that closed one of the most turbulent chapters in the nation's young democracy.

Lee, 60, the candidate of the liberal opposition Democratic Party, is to take office later Wednesday for a full, single five-year term, succeeding Yoon Suk Yeol, a conservative who was felled over his stunning yet brief imposition of martial law in December.

It was unclear whether Lee's election would cause any major, immediate shift in South Korea's foreign policy. Lee, previously accused by critics of tilting toward China and North Korea and away from the U.S. and Japan, has repeatedly stressed South Korea’s alliance with the U.S. as the foundation of its foreign policy.

The toughest external challenges awaiting the new president are U.S. President Donald Trump's tariff policy and North Korea's advancing nuclear program. But experts say whoever becomes president can’t do much to secure major progress in South Korea's favor on those issues.

As of 3 a.m. Wednesday, with over 97% of the votes counted, Lee obtained 49% of the votes cast, while main conservative contender Kim Moon-soo trailed with 41.6% - a gap of more than 2.5 million votes that was impossible to overcome mathematically.

Pre-election surveys have long suggested Lee appeared headed for an easy win, riding on deep public frustration over the conservatives in the wake of Yoon's martial law debacle.

Even before Lee's win was formally declared, Kim conceded, telling journalists he "humbly accepts the people's choice" and congratulated Lee.

Earlier, Lee appeared before thousands of cheering supporters in the streets of Seoul. He didn’t formally claim victory but reiterated his major policy goals such as revitalizing the economy, promoting peace with North Korea and easing a domestic divide.

"Let us move forward with hope and make a fresh start from this moment on," he said. "Though we may have clashed for some time, even those who did not support us are still our fellow citizens of the Republic of Korea."

Pragmatic diplomacy

Lee, who served as governor of Gyeonggi province and mayor of Seongnam city, has been a highly divisive figure in politics for years.

As a former child laborer known for his inspirational rags-to-riches story, Lee came to fame through biting criticism of the country's conservative establishment and calls to build a more assertive South Korea in foreign policy. That rhetoric has given him an image as someone who can institute sweeping reforms and fix the country's deep-seated economic inequality and corruption.

His critics view him as a dangerous populist who relies on political division and backpedals on promises too easily.

On foreign policy, Lee has vowed to pursue pragmatic diplomacy. He has promised to solidify a trilateral Seoul-Washington-Tokyo partnership, a stance that isn’t much different from the position held by South Korea's conservatives.

He said he would pursue better ties with North Korea but acknowledged that it would be "very difficult" to hold a summit with North Korean leader Kim Jong Un anytime soon. This signals Lee won’t likely initiate any drastic steps meant to improve relations with North Korea.

Experts say there aren't many diplomatic options for South Korea as it tries to address Trump's tariff hikes and calls for South Korea to pay more for the cost of the U.S. military presence, as well as North Korea's headlong pursuit of nuclear weapons. Experts say that has made both Lee and Kim Moon Soo avoid unveiling ambitious foreign policy goals.

Paik Wooyeal, a professor at Seoul's Yonsei University, said foreign policy strategists for Lee understand there isn't much South Korea can do to bring about a denuclearization of North Korea. Paik said Lee also doesn't share the Korean nationalistic zeal held by ex-liberal President Moon Jae-in, who met Kim Jong Un three times during his 2017-22 term.

Impact of tariff hikes

Lee's government still could become engaged in "a little bit of friction" with the Trump administration, while a Kim Moon Soo government, which prioritizes relations with Washington, would likely offer more concessions to the U.S., said Chung Jin-young, a former dean of the Graduate School of Pan-Pacific International Studies at South Korea's Kyung Hee University.

Chung predicted Lee won't be able to pursue overly drastic steps on foreign policy and security, given the country's foreign exchange and financial markets are vulnerable to such changes.

Lee has preached patience over Trump's tariff policy, arguing it would be a mistake to rush negotiations in pursuit of an early agreement with Washington. Kim Moon Soo has said he would meet with Trump as soon as possible.

On Monday, South Korean trade officials held an emergency meeting to discuss a response to Trump's announcement that the U.S. will raise tariffs on steel and aluminum products to 50% beginning Wednesday. South Korea's central bank last week sharply lowered its 2025 growth outlook to 0.8%, citing the potential impact of Trump's tariff hikes and weak domestic demand worsened by the political turmoil of past months.

Healing domestic divide

The election serves as another defining moment in the country's resilient democracy, but observers worry a domestic divide could pose a big political burden on the new president.

The past six months saw large crowds of people rallying to either denounce or support Yoon, while a leadership vacuum caused by Yoon's impeachment and ensuing formal dismissal rattled the country's high-level diplomatic activities and financial markets.

Lee has promised to heal the national split, but his vow to thoroughly hold those involved in Yoon’s martial law stunt accountable has sparked concerns that he would use investigations to launch political retaliations against his opponents.

In a Facebook posting earlier Tuesday, Lee called for voters to "deliver a stern and resolute judgement" against the conservatives over martial law. In a campaign speech Monday, Lee claimed that a win by Kim Moon Soo would mean the "return of the rebellion forces, the destruction of democracy and the deprival of people's human rights."

Kim, a former labor minister under Yoon, claimed that a Lee win would allow him to wield excessive power.