South Korea's political turmoil intensified early Wednesday as the National Assembly voted to rescind President Yoon Suk Yeol's shocking declaration of a state of emergency. The unprecedented move, made in the hours after Yoon's late announcement, underscores the president's growing struggle to maintain control in the face of fierce opposition.
A Bold Move Rejected
Yoon invoked a state of emergency Tuesday evening, saying it was necessary to “eliminate anti-state forces” that he accused of sympathizing with North Korea. The declaration marked the first use of a state of emergency in South Korea since 1980 and included drastic measures such as suspending political rallies, ordering strikers back to work, and allowing arrests without warrant for violations.
However, the National Assembly quickly moved to overturn the decree, with 190 of its 300 members voting to revoke it within three hours of the announcement. “We will protect democracy together with the people,” Speaker Woo Won Shik said as lawmakers met in an emergency session.
The military presence stationed around the National Assembly premises was withdrawn immediately after the vote. South Korea's constitution says the president must comply with parliamentary decisions regarding a state of emergency, leaving Yoon with little choice but to step down.
Economic Fallout and Public Reaction
The president's statement sent shock waves through the South Korean economy. The iShares MSCI South Korea ETF, which tracks large companies, fell 7% in U.S. trading before recovering slightly to close 2.6% lower. Major companies like Coupang and Korea Electric Power saw their stocks collapse, and the South Korean won fell 1.9% against the U.S. dollar.
The Korea Stock Exchange called an emergency meeting to consider delaying the market opening on Wednesday, citing concerns over political instability.
Public reaction to the declaration of martial law was swift and intense. Critics accused Yoon of trying to consolidate power under the pretext 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 fissures in his political base.
White House reaction
International concerns have also intensified. The White House National Security Council issued a statement saying it was “monitoring the situation closely” and remaining in contact with the South Korean government.
A Growing Gap
Yoon's decision to implement martial law reflects his growing difficulties navigating a parliament dominated by opposition parties. His accusations that rival lawmakers were sympathetic toward North Korea further inflamed tensions, with critics accusing him of exploiting national security fears to undermine democracy.
As South Korea reels from the rapid withdrawal of martial law, the country faces growing political and economic uncertainty. Yoon's contested presidency now hangs in the balance, with his ability to govern effectively coming under increasing scrutiny.
