South Korea’s Presidential Frontrunner Seeks Delay on US Tariff Decision—Wall Street Already Priced It In

Seoul’s political chess match hits the economic arena as the leading candidate pushes for breathing room on trade terms.

Tariffs, timelines, and tactical stalls—because nothing says ’strategic partnership’ like kicking the can down the road.

Meanwhile, hedge funds quietly adjust their algo parameters, because let’s face it—they’ve already arb’d this headline three times before it broke.

Lee vows economic task force, criticizes ex-president’s approach

Lee, who is running under the Democratic Party of Korea, also talked about the country’s economic slowdown and said he WOULD immediately assemble a team to respond. He said South Korea must roll out an extra budget as soon as possible to help jumpstart the economy.

“I will swiftly prepare immediately actionable economic measures and actively respond to the domestic economic slowdown with the determination to fight the recession,” he told reporters.

The presidential election, scheduled for June 3, was triggered by the impeachment and removal of former president Yoon Suk Yeol, who declared martial law in December during a period of civil unrest. The MOVE led to widespread backlash and criminal investigations.

Yoon’s ouster created a leadership vacuum and forced a rushed campaign that has now taken a sharp focus on tariffs, recession, and foreign relations.

South Korea’s foreign policy depends on election results

Lee currently holds a 9-point lead over his closest rival, Kim Moon-soo, who served as labor minister under Yoon. According to polling data released on Friday by Gallup Korea, Lee is supported by 45% of likely voters, while Kim stands at 36%. 

That gap used to be larger, and Kim has been slowly climbing. But Lee said he was not worried. When asked about the tighter margin, he said, “I am confident that South Koreans would not choose those who supported or staged the ‘insurrection.’”

Lee also addressed national security, saying that while he supports strong defense capabilities and the South Korea-US alliance, he believes there must be a push for peace and diplomacy with North Korea. He blamed Yoon’s hardline approach for escalating tensions and creating problems for investors and businesses. Lee called for a better balance between military readiness and open communication with the North.

“We should maintain and strengthen our powerful defense capabilities, military power, and strengthen the South Korea-US security alliance, but find a path toward dialogue, cooperation, communication, and coexistence where possible,” he said.

The proposed deal with the US was meant to finalize terms on tariffs that were originally put in place during Trump’s first presidency and have since been reevaluated as part of his administration’s current foreign trade agenda.

Lee insisted that rushing into an agreement without serious economic analysis and bipartisan consensus would damage South Korea’s long-term interests. He emphasized that the next government must take the lead in negotiations, not just inherit unfinished deals signed off by a lame-duck cabinet.

With just days left before the vote, Lee is presenting himself as the candidate who will take back control of South Korea’s economy and foreign affairs. His main argument is that diplomacy should be based on fairness, not deadlines forced by bigger partners. “We need mutual respect,” he said. “That’s how alliances work. Not by forcing one side to move at the other’s pace.”

Every word of Lee’s message reflected urgency, especially with the July deadline hanging over the country’s next administration. Whether he wins or not, whoever becomes president will have to deal with a stalled economy, an anxious electorate, and the looming pressure of US negotiations.

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