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.

South Korea's liberal party candidate Lee Jae-myung is projected to win Tuesday's snap presidential election by wide margins, according to exit polls.

The election was called after President Yoon Suk Yeol was removed from office over his decision to declare martial law. Political divisions have only worsened.

The new South Korean administration will likely make efforts to buy time for U.S. trade talks, as it studies the negotiations of bigger neighbours Japan and China for leverage, according to sources familiar with the ruling party's thinking.

South Korean voters swung left in the presidential race Tuesday, and conservative candidate Kim Moon-soo conceded defeat to liberal opponent Lee Jae-myung in the snap election.Kim, candidate of the People Power Party (PPP),

Vote counting started in South Korea’s snap presidential election Tuesday to choose Yoon Suk Yeol’s successor, after the conservative was ousted over his imposition of martial law late last year.

The White House said on Tuesday that South Korea's election, which saw liberal party candidate Lee Jae-myung win the presidency, was fair, but it expressed concern about Chinese interference. "The US-ROK Alliance remains ironclad.