South Korean President Yoon Suk Yeol is facing mounting pressure to resign or face impeachment after briefly declaring martial law on Tuesday, only to reverse the decision hours later. The move has plunged Asia’s fourth-largest economy into a political crisis.
The martial law declaration, made in a televised address, cited the need to protect the country from nuclear-armed North Korea and pro-North anti-state forces, as well as to safeguard South Korea’s constitutional order. However, Yoon did not provide specific evidence of an immediate threat.
The announcement led to a standoff with parliament, which swiftly rejected the measure. Armed troops attempted to seize control of the National Assembly building in Seoul, prompting chaotic scenes as parliamentary aides used fire extinguishers to push them back while protesters clashed with police outside.
The parliament, with 190 out of 300 members present, including 18 from Yoon’s ruling People Power Party, unanimously passed a motion to rescind martial law within hours. Following the vote, Yoon reversed the declaration, but the fallout continued.
The main opposition Democratic Party (DP) demanded Yoon’s immediate resignation, accusing him of undermining democratic governance. “It was clearly revealed to the entire nation that President Yoon could no longer run the country normally. He should step down,” said senior DP lawmaker Park Chan-dae.
Six opposition parties, led by the DP, announced plans to submit an impeachment bill against Yoon on Wednesday, with a vote expected by the weekend. Meanwhile, the leader of Yoon’s party called for the dismissal of Defense Minister Kim Yong-hyun and the resignation of the entire cabinet.
The declaration also sparked widespread protests, with demonstrators gathering outside the National Assembly to celebrate the reversal of martial law. South Korea’s largest union coalition, the Korean Confederation of Trade Unions, announced plans to strike until Yoon steps down, with a rally scheduled in Seoul.
The U.S. Embassy in South Korea issued an advisory for its citizens to avoid protest areas, while major companies such as Naver and LG Electronics advised employees to work from home.
Financial markets reacted sharply to the developments, with South Korean stocks falling by 2% and the won initially plunging to a two-year low before stabilizing amid suspected government intervention. Finance Minister Choi Sang-mok and Bank of Korea Governor Rhee Chang-yong held emergency meetings overnight, pledging to stabilize markets.
“The government will inject unlimited liquidity into stocks, bonds, the short-term money market, and the forex market until they are fully normalized,” the finance ministry said in a statement.
As political tensions escalate, South Korea braces for further unrest in the coming days.
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