South Korea said newly elected President Lee Jae-myung spoke for the first time with Donald Trump and agreed to seek “tangible results” in trade negotiations, after the US leader imposed a 25% tariff on all imports from its Asian ally.

South Korea’s newly elected President Lee Jae-myung has appointed Yeo Han-koo as the country’s chief trade negotiator amid tariff talks with the US, according to the Yonhap news agency on Tuesday. Yeo Han-koo previously served as trade minister under the Moon Jae-in administration.

South Korea’s exports fell in May, with shipments to the U.S. shrinking for a second consecutive month as President Trump’s sweeping tariffs hurt global trade.

South Korea's June presidential election ended six months of political uncertainty and policy paralysis in the country. Investors are optimistic that President Lee Jae-myung can boost the economy with fiscal stimulus and corporate governance reform.

South Korea appointed former chief trade envoy Yeo Han-koo as its top trade negotiator, the president's office said on Tuesday, as Asia's fourth largest economy prepares for negotiations with Washington to reduce the tariffs.

Opposition leader Lee Jae-myung was sworn in as South Korea’s next president on Wednesday following a dramatic snap election six months after the country’s previous leader declared martial law and plunged the nation into chaos.

Trump's "reciprocal tariffs", including 25% duties on South Korea, are on a 90-day pause for negotiations. South Korea's May shipments to the United States fell 8.1% and those to China fell 8.4%.

After months of political turmoil, South Korea will elect a new president Tuesday to succeed conservative Yoon Suk Yeol, who was ousted over his brief but shocking imposition of martial law.

As South Korea's election nears, Lee Jae-myung's approach to U.S.-China relations sparks debate, highlighting the geopolitical stakes of the race.

South Korea logged a current account surplus for the 24th consecutive month in April, but the surplus narrowed from the previous month due partly to the impact of the United States' aggressive tariff scheme,