SEOUL—A left-leaning politician who has warned against South Korea becoming overly dependent on the U.S. won the country’s presidential vote, an outcome that could shift Seoul’s relations with China and North Korea.

Lee Jae-myung , a 61-year-old former head of the Democratic Party who survived an assassination attempt last year, received 49.42% of the vote, according to South Korea’s election commission. His main challenger, Kim Moon-soo, a conservative former labor minister, got 41.15%. Kim conceded the election to Lee on Wednesday.

South Korea’s leadership has been in flux since former President Yoon Suk Yeol , a conservative, invoked martial law on Dec. 3. The short-lived decree ultimately led to his ouster from office . The country has cycled through three different acting presidents since.

Lee, a former factory worker, has pledged some continuation of Yoon’s foreign-policy playbook: expanding the alliance with the U.S., cooperating with Japan and challenging North Korea on human rights.

But Lee, who once likened himself to Bernie Sanders , doesn’t want South Korea’s relations with the U.S. to exclude ties with China or Russia.

He calls Seoul’s relationship with Washington the “basic axis of our diplomacy.” However, “that doesn’t mean we should completely rely on the U.S. alliance,” Lee said last month.

Lee’s hope for more balanced ties with China and the U.S. could complicate President Trump’s efforts to convince allies to help contain China in trade and security matters . While South Korea’s corporate behemoths, such as Samsung and Hyundai, are big investors in the U.S., China remains the country’s largest trading partner.

South Korea boasts one of the world’s most modern armed forces, as well as a major defense-industrial base. It is also home to some 28,500 American military personnel and the U.S.’s largest overseas military base.

Despite the large-scale presence of U.S. troops in the country, Lee has said South Korea should avoid being drawn into a conflict between China and Taiwan. China has pledged to take control of the island, potentially by force. Meanwhile, the U.S. has promised to support the defense of Taiwan.

“We must keep our distance” in any China-Taiwan conflict, Lee said.

Meanwhile, Trump could seek from Seoul bigger payments to station the U.S. troops, a reduction in nontariff trade barriers and a promise not to derail dealmaking with North Korean leader Kim Jong Un on denuclearization, even if the South has objections, said Darcie Draudt-Véjares, a Korea studies fellow at the Carnegie Endowment for International Peace.

However, under Lee, Seoul could push back. “I could see it going bad pretty quickly between the two countries,” Draudt-Véjares said.

Lee could meet with Trump later this month, if, as expected, he is invited to the Group of Seven summit starting June 15 in Canada.

Trump has introduced and then paused “reciprocal” tariffs against South Korea of 25%, while levies imposed on U.S. imports of cars, aluminum and steel are already causing economic pain. Last week, South Korea’s central bank roughly halved the country’s full-year economic forecast to 0.8%. Lee has said there’s no need to rush a trade deal with the U.S.

A former parliamentarian and provincial governor, Lee has faced controversy. Five criminal trials are under way on charges against him including election fraud and bribery. Lee has denied wrongdoing.

Early last year, an assailant hoping to prevent Lee from becoming president stabbed the politician in the neck. Emergency surgery saved his life.

“I consider the life I have now a bonus,” Lee said in a December interview with The Wall Street Journal.

Yoon’s imposition of martial law and his subsequent exit from power colored the presidential vote and created headwinds for the conservative candidate, Kim. South Korean presidents serve a single five-year term.

More than 79% of the country’s 44 million eligible voters cast ballots, the highest turnout in nearly three decades.

FILE PHOTO: Supporters of Lee Jae-myung, the presidential candidate of South Korea’s Democratic Party, cheer during an election campaign rally in Seoul, South Korea, June 2, 2025. REUTERS/Kim Hong-Ji/File Photo

South Korean voters, such as Jang Yu-jin, 39, who cast a ballot for Lee, wanted to see balance in the country’s foreign affairs given its trade-dependent economy. “It would be good to elect a president who can act cleverly in South Korea’s interests,” said Jang, an exhibition planner.

In recent weeks, Lee published a bestselling book, detailing how he wanted to resolve issues with China through pragmatic diplomacy while maintaining the U.S. alliance. “It’s not as easy as it sounds,” Lee wrote.

Write to Timothy W. Martin at Timothy.Martin@wsj.com