South Korea’s political turmoil deepened early Wednesday as the National Assembly voted to overturn President Yoon Suk Yeol’s shocking declaration of martial law. The unprecedented move, made within hours of Yoon’s late-night announcement, underscores the president’s growing struggle to maintain control amid fierce opposition.
A Bold Move Rejected
Yoon invoked martial law Tuesday night, claiming it was necessary to “eliminate anti-state forces” he accused of sympathizing with North Korea. The declaration marked the first use of martial law in South Korea since 1980 and included sweeping measures such as suspending political gatherings, ordering striking workers back to their jobs, and permitting warrantless arrests for violations.
However, the National Assembly moved swiftly to nullify the decree, with 190 of its 300 members voting to revoke it within three hours of the announcement. “We will protect democracy with the people,” declared Speaker Woo Won Shik as lawmakers convened in an emergency session.
The military presence stationed around the National Assembly grounds was withdrawn immediately following the vote. South Korea’s constitution mandates that the president must abide by parliamentary decisions regarding martial law, leaving Yoon little choice but to stand down.
Economic Fallout and Public Backlash
The president’s declaration sent shockwaves through South Korea’s economy. The iShares MSCI South Korea ETF, which tracks major companies, dropped by 7% in U.S. trading before recovering slightly to close 2.6% down. Major firms such as Coupang and Korea Electric Power saw their stocks tumble, and the South Korean won fell 1.9% against the U.S. dollar.
The Korea Exchange called an emergency meeting to consider delaying Wednesday’s market opening, citing concerns over political instability.
Public reaction to the martial law declaration was swift and intense. Critics accused Yoon of attempting to consolidate power under the guise of national security, while protests erupted across Seoul denouncing the move as authoritarian. Even members of Yoon’s conservative People Power Party expressed disapproval, signaling cracks in his political base.
The White House Reacts
International concerns also flared. The White House National Security Council issued a statement saying it was “monitoring the situation closely” and remained in contact with the South Korean government.
A Growing Divide
Yoon’s decision to implement martial law reflects his increasing difficulties in navigating a parliament dominated by opposition parties. His accusations that rival lawmakers were sympathetic to North Korea further inflamed tensions, with critics accusing him of exploiting national security fears to undermine democracy.
As South Korea reels from the swift reversal of martial law, the country faces deepening political and economic uncertainty. Yoon’s embattled presidency now hangs in the balance, with his ability to govern effectively under mounting scrutiny.