SEOUL (AFP) — South Korea’s new President Lee Jae-myung vowed to reach out to the nuclear-armed North and “heal wounds” as he took office Wednesday, after winning snap elections triggered by his predecessor’s disastrous martial law declaration.

South Korea’s new center-left leader also warned that “rising protectionism and supply chain restructuring” posed an existential threat to Asia’s export-dependent fourth-largest economy, which has been buffeted by the global trade chaos sparked by United States (US) President Donald Trump.

Lee scored a thumping victory over conservative Kim Moon-soo, of disgraced ex-President Yoon Suk Yeol’s former party, in snap elections, with his term beginning immediately after the vote tally was certified early Wednesday.

Lee secured 49.4 percent of the vote, far ahead of the 41.2 percent for Kim — who conceded, having been hampered by party infighting and a third-party candidate splitting the right-wing vote.

Lee spoke to South Korea’s top military commander and formally assumed operational control of the country’s armed forces Wednesday, urging them to maintain “readiness” in case of Pyongyang provocations — but said in his first comments that he was ready to talk.

“We will heal the wounds of division and war and establish a future of peace and prosperity,” he said.

“No matter how costly, peace is better than war.”

He said the country would “deter North Korean nuclear and military provocations while opening communication channels and pursuing dialogue and cooperation to build peace on the Korean Peninsula.”

Lee took office just hours before the US was set to slap tariffs of 50 percent on South Korea’s crucial steel and aluminium exports.

“The rapid changes in the global order such as rising protectionism and supply chain restructuring pose a threat to our very survival,” Lee said.

Markets reacted favorably to the election, with the benchmark KOSPI and the won rising Wednesday.