South Korean President Lee Jae Myung’s popularity rose after a last-minute trade deal with the US.
Lee’s approval climbed to 63.3% from 61.5% last week, according to a Realmeter survey released Monday. The survey was commissioned by a local newspaper and conducted between July 28 and August 1.
The trade deal announced on July 31 set tariffs on most Korean exports to the US at 15%, on par with regional rival Japan and among the lowest in Asia.
The tariff negotiation was one of the first high-stakes diplomatic tests for Lee, still in his honeymoon period with voters. His election victory in June ended a turbulent period that included the ouster of his predecessor, Yoon Suk Yeol, over a failed attempt to impose martial law.
Lee, however, still faces risks as details of the agreement — including a $350 billion South Korean fund for US investments — get hammered out. The Asian leader could also face pressure from President Donald Trump to increase defense spending and pay more to host the American soldiers in South Korea as they look to hold a summit in coming weeks.
After capping the trade negotiations, the next big challenge for Lee comes from the domestic market after the government’s plan to raise taxes on investors and companies abruptly halted a rally in South Korean stocks, one of the world’s best performers this year.
The ruling Democratic Party floated a possible revision of the plan as more than 110,000 people joined a petition against the capital gains tax reform, raising the risk of sparking discontent with Lee’s two-month-old administration.
Bloomberg
