Protests in South Korea as lawmakers call for President Yoon’s resignation after martial law lifted—live updates

Asian markets retreated Wednesday after overnight political drama in South Korea added to regional uncertainties, though the Kospi in Seoul fell less than 2 per cent.

US futures rose while oil prices were little changed.

South Korea PresidentYoon Suk Yeol suddenly declared martial law on Tuesday night local time, prompting troops to surround the parliament. He accused pro-North Korean forces of plotting to overthrow one of the world’s most vibrant democracies. The martial law was revoked about six hours later.

On Wednesday, South Korea’s main opposition party called for President Yoon to resign immediately or face impeachment.

He did not cite any specific threats from Pyongyang and focused on his political opponents.

“I declare martial law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate the despicable pro-North Korean anti-state forces that are plundering the freedom and happiness of our people, and to protect the free constitutional order,” Mr Yoon said.

South Korea’s parliament then voted through a motion calling the declaration invalid. This was the first time in over four decades that the country had been put under martial law.

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Amid growing calls for president Yoon Suk Yeol’s resignation, a coalition of lawmakers has threatened impeachment if he does not step down, planning to vote on a bill within 72 hours.

“The parliament should focus on immediately suspending the president’s business to pass an impeachment bill soonest,” Hwang Un-ha, a member of the coalition said.

The leader of Mr Yoon’s ruling People Power Party has called for defence minister Kim Yong-hyun’s dismissal and the resignation of the entire cabinet.

Protests are expected, with the Korean Confederation of Trade Unions planning a rally in Seoul and vowing to strike until Mr Yoon resigns.

British nationals in South Korea have been advised to avoid political demonstrations following the president’s declaration of martial law on Tuesday. By early Wednesday, the president reversed the decision after a dramatic night in which troops surrounded parliament, and lawmakers voted to block military rule.

Yoon Suk Yeol vowed to eliminate ‘anti-state’ forces as he suspended parliament, banned political gatherings and ordered the end of a long-running doctors’ strike on Tuesday.

Following the declaration, the UK Foreign Office issued new travel advice warning British nationals to ‘follow the advice of local authorities’ and ‘avoid political demonstrations’.

The US embassy in South Korea issued an emergency alert today, advising American citizens to exercise caution following the lifting of martial law in the country.

The embassy said that the situation remained “fluid” after South Korean president Yoon Suk Yeol’s martial law declaration was overturned by the National Assembly.

“Following President Yoon’s announcement to lift the martial law declaration, the situation remains fluid,” the embassy said on its website.

“US citizens should anticipate potential disruptions. When in public, you should pay attention to your surroundings and exercise routine safety precautions,” the posting said, Yonhap news agency reported.

The embassy also announced the cancellation of routine consular appointments and visa services for the day.

Former South Korean foreign minister Kang Kyung-wha praised the strength and resilience of the country’s democracy following the turbulent events of president Yoon Suk-yeol’s martial law declaration.

She told the BBC: I am hugely relieved that the dust appears to be settling”, adding that the quick responses from both citizens and politicians to oppose the order demonstrated the country’s democratic maturity.

Reflecting on the situation, Kang said: “My first reaction was – this can’t be happening to my country, a fractious democracy, but certainly a vibrant and an increasingly mature democracy.”

She described Yoon’s martial law decision as “an aberration” and emphasised that the events showed South Korea’s democracy is still “strong and resilient”.

The United States expressed relief after South Korean president Yoon Suk-yeol reversed his martial law declaration.

A White House official said that “democracy is at the foundation of the US-ROK alliance” and said that the US was “seriously concerned” before the reversal.

The spokesperson added: “We are relieved president Yoon has reversed course on his concerning declaration of martial law and respected the ROK National Assembly’s vote to end it”, referring to South Korea by its official name, the Republic of Korea.

The spokesperson said that they would continue to monitor the situation.

South Korean stocks fell nearly 2 per cent this morning following political upheaval sparked by president Yoon Suk-yeol’s brief declaration of martial law, later overturned by parliament.

The KOSPI index dropped to 2,451.63, with foreign investors selling heavily, offsetting local purchases, The Korea Times reported.

Major companies, including Samsung Electronics, LG Electronics, and Hyundai Motor, saw declines, while a few, like Korea Zinc, posted gains amid ongoing corporate battles.

The Korean won also weakened against the US dollar, reflecting market volatility amidst the turmoil.

South Korean lawmakers are planning to impeach president Yoon Suk-yeol, adding to the country’s history of presidential impeachments. This follows the martial law crisis that threw the entire nation into a tizzy yesterday.

The process of impeachment in South Korea requires a two-thirds vote in the National Assembly and approval from the constitutional court.

Previous impeachments in South Korea include Park Geun-hye, who was removed in 2016, and Roh Moo-hyun, who was reinstated in 2004.

Swedish prime minister Ulf Kristersson has postponed his planned visit to South Korea this week, his spokesperson confirmed this morning.

Kristersson was set to meet South Korean president Yoon Suk-yeol for a summit, but the trip was deferred after Yoon declared martial law on Tuesday, only to revoke it following parliamentary opposition.

“Given the recent developments, we have decided to postpone the visit,” the spokesperson said.

“We have been in contact with South Korea this morning and will work together to reschedule for a future date.”