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Analysis Lee Jae-myung’s trade strategy risks running aground in a protectionist worldPromise to stabilize China ties and rebalance US tariffs neglect South Korea’s lack of leverage in a transactional era Democratic Party presidential candidate Lee Jae-myung’s foreign policy pledge to pursue “pragmatic diplomacy for national interests” reflects a strategic effort to reclaim South Korea’s economic agency. But pledges to rebalance trade with the U.S. and stabilize ties with China underestimate the structural constraints Seoul faces. In a protectionist global environment defined by trade weaponization and the sidelining of the World Trade Organization (WTO), Lee’s model of strategic autonomy risks running aground before it can deliver results. RISK OF DOUBLE DEPENDENCY Lee has committed to negotiating more “balanced” trade terms with Washington, referencing ongoing tensions around U.S. President Donald Trump’s 26% © Korea Risk Group. All rights reserved. |





