South Korea's acting president, Han Duck-soo, moved quickly on Sunday to reassure allies and stabilize markets, pledging continuity in governance and security following President Yoon Suk Yeol's impeachment over a controversial martial law declaration.
South Korea's acting president, Han Duck-soo, moved swiftly on Sunday to reassure allies and calm financial markets following the impeachment of President Yoon Suk Yeol over a controversial martial law declaration. Speaking with U.S. President Joe Biden, Han emphasized continuity in foreign and security policies, underscoring the steadfastness of the South Korea-U.S. alliance.
The Democratic Party, which controls parliament, announced it would not seek Han's impeachment despite his connection to Yoon's martial law decision, citing the need to avoid further governance instability. As acting president, Han pledged to maintain military readiness and uphold national security.
Protests erupted in Seoul, with around 200,000 people demonstrating outside the National Assembly to support Yoon’s ouster, while smaller groups gathered in central Seoul to voice opposition to the impeachment. Public sentiment remains deeply divided, with critics accusing Yoon of undermining democracy and supporters lamenting political chaos.
The impeachment has drawn international attention amid rising tensions with North Korea. Biden reaffirmed U.S. support, praising South Korea's democratic resilience and emphasizing the importance of the alliance in maintaining Indo-Pacific stability.
Financial markets have reacted cautiously, with South Korean shares rising on hopes of political stabilization. The Constitutional Court now has six months to decide Yoon’s fate. If removed, new elections must be held within 60 days, leaving the country in a protracted period of uncertainty.
In the meantime, Han’s administration faces economic challenges, including sluggish domestic demand and a political deadlock over the national budget. Democratic Party leader Lee Jae-myung called for a supplementary budget and a National Stability Council to address economic concerns, including support for small businesses and energy infrastructure investment.
The unfolding political crisis has tested South Korea’s institutions, with acting President Han seen as a steadying figure. However, the coming months will determine whether the nation can navigate these challenges while maintaining stability at home and abroad.
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