South Korea's opposition plans to pass the 2025 budget bill, aiming to resolve tensions after President Yoon's martial law decree. The budget, cut by 4.1 trillion won, has raised concerns over government functions, economic stability, and support for small businesses.
South Korea's main opposition party announced on Tuesday that it would approve the 2025 government budget bill, which prompted President Yoon Suk Yeol's martial law decree last week, during a plenary session scheduled for later in the day.
The opposition-controlled parliament had previously reduced the government’s proposed 677.4 trillion won ($473 billion) budget by 4.1 trillion won last month.
“We will pass the budget bill today,” said Democratic Party Leader Lee Jae-myung. “A swift passage of the bill will help address the current unease and crisis.” The government has warned that the budget cut would undermine basic functions, delay support for small businesses and vulnerable groups, and weaken its ability to respond to external challenges.
President Yoon cited opposition obstructionism over government budgets as one of the reasons for his martial law decree on 3 December, which sparked a constitutional crisis in Asia’s fourth-largest economy.
Senior Democratic Party lawmaker Park Chan-dae argued that any additional funding required for "spending for people's livelihoods" could be addressed later through a supplementary budget.
South Korea's treasury bond market saw a decline, with three-year treasury bond futures falling 0.10 points to 106.79.
"If finalised, that will ease uncertainty, but the market appears to be reacting somewhat sensitively and emotionally to the comments about an extra budget," said Kong Dong-rak, a fixed-income analyst at Daishin Securities.
South Korea’s top court will decide on Friday whether to remove or reinstate President Yoon Suk Yeol, whose brief martial law order sparked the country’s biggest political crisis in years.
South Korea’s opposition Democratic Party has called for a swift ruling from the Constitutional Court on President Yoon Suk Yeol’s impeachment, citing concerns that ongoing delays could worsen political divisions and uncertainty.
South Korea is ramping up security measures as the Constitutional Court prepares to rule on whether to oust or reinstate impeached President Yoon Suk Yeol, with large protests expected.
South Korean President Yoon Suk Yeol will give a closing statement on Tuesday in a Constitutional Court trial reviewing his impeachment for declaring martial law. If upheld, he could be removed from office less than three years into his term, with a new election required within 60 days.
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Following his swift election, President Lee Jae-myung is expected to take a cautious approach to U.S. trade negotiations, using the transition period to reassess his strategy while monitoring the moves of China and Japan.
Poland’s Special Representative for Afghanistan met with the Taliban’s acting foreign minister in Kabul to discuss political ties, Afghan refugees in Europe, and future economic cooperation, signaling a cautious but growing engagement between the two nations.
Chinese Premier Li Qiang recently met with a delegation from the Japanese Association for the Promotion of International Trade (JAPIT) in Beijing.
The foreign ministers of Kazakhstan and Burkina Faso met in Astana, marking the first such visit in history and setting the stage for deepened cooperation across various sectors, as Kazakhstan actively expands its engagement with the African continent.
Following his swift election, President Lee Jae-myung is expected to take a cautious approach to U.S. trade negotiations, using the transition period to reassess his strategy while monitoring the moves of China and Japan.
Tesla’s car sales in the UK plummeted by over 45% in May 2025, as growing political backlash and stronger competition impact the brand’s market share despite a booming electric vehicle sector.
Poland’s Special Representative for Afghanistan met with the Taliban’s acting foreign minister in Kabul to discuss political ties, Afghan refugees in Europe, and future economic cooperation, signaling a cautious but growing engagement between the two nations.
A surge of over 200 wildfires across Canada has forced tens of thousands to evacuate, with smoke drifting into the U.S. Midwest, triggering health alerts and affecting daily life on both sides of the border.
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