South Korea In Crisis: Martial Law U-Turn Sparks Protests And Calls For Yoon’s Impeachment

South Korean lawmakers called for President Yoon Suk Yeol’s resignation or impeachment on Wednesday after a controversial martial law declaration was reversed just hours later, sparking a political crisis in Asia’s fourth-largest economy. The surprise declaration late on Tuesday led to a tense standoff with parliament, which rejected Yoon’s attempt to ban political activities and censor the media.

The move triggered chaos, with armed troops attempting to take control of the National Assembly building in Seoul. Protesters clashed with police outside as the military announced that parliament’s activities and media freedom would be under martial law control. However, lawmakers, including those from Yoon’s ruling People Power Party, swiftly passed a motion demanding the martial law be lifted. Within hours, Yoon rescinded his declaration.

Opposition parties, including the Democratic Party, immediately called for Yoon’s resignation, accusing him of being unable to govern the country effectively. Six opposition parties announced plans to submit an impeachment bill on Friday or Saturday. Yoon’s ruling party also called for Defence Minister Kim Yong-hyun’s dismissal and the resignation of the entire cabinet.

In his address, Yoon stated that martial law was necessary to protect the nation from threats, particularly from nuclear-armed North Korea and pro-North anti-state groups, though he did not cite specific evidence. However, the chaotic scenes in parliament and the backlash from lawmakers, protesters, and the public raised questions about his leadership.

The sudden political upheaval affected South Korea’s financial markets, causing volatility in stocks and the national currency. The government announced it would provide liquidity support to stabilize markets if necessary.

Protests continued on Wednesday, with labor unions planning a rally in Seoul and vowing to strike until Yoon steps down. The US embassy in Seoul issued a warning to American citizens to avoid areas where protests were concentrated.