Lee Jae-myung becomes president of South Korea and promises to restore people's livelihoods and revitalize the economy.

South Korea's newly elected president, Lee Jae-myung, was sworn in, promising to revive the country's economy affected by tariffs. "We will start by restoring people's livelihoods and revitalizing the economy," he said at his inauguration ceremony in the South Korean National Assembly on Wednesday. "We will use the national budget as a catalyst to revitalize the economy's virtuous cycle." He won the South Korean presidential election just hours before. During his campaign, he stated that if elected, he would use up to 35 trillion Korean won in economic stimulus plans to provide assistance to families and businesses. This is an increase from the 30 trillion Korean won he initially proposed during his campaign. With investors flocking to potential beneficiaries of his reform and growth plans, the South Korean stock market KOSPI index rose by 2.5% on Wednesday, up more than 20% from its low point in April.