Close Menu
WTX News
    Facebook X (Twitter) Instagram
    Trending
    • Hostages returned to Israel alive face ‘life-threatening’ health challenges, professor warns
    • Brigitte Bardot, 91, recovering at home after hospitalisation for surgery
    • Prince Andrew to give up all his titles and honours including Duke of York
    • Harmanpreet and Sciver-Brunt – fire, ice, and a touch of MI at the World Cup
    • Pulp overwhelmed by Glastonbury response as they didn’t expect anyone to care
    Facebook X (Twitter) Instagram YouTube
    WTX News
    • Live News
      • US News
      • EU News
      • UK News
      • Politics
      • COVID-19
      • Business
      • Tech zone
    • World news
      • Middle East News
        • UAE News
        • Palestine News
      • Europe
        • Italian News
        • Spanish News
      • Africa news
      • South America
      • North America
      • Asia
    • News Briefings
      • UK News Briefing
      • World News Briefing
      • Live Business News
    • Sports
      • Football News
      • Tennis
      • Women’s Football
    • MY World
      • Climate Change
      • In Review
      • Expose
      • Special Reports
        • Conscience Convoy
        • Rohingya Report
    • Entertainment
      • Insta Talk
      • Royal Family
      • Gaming News
      • TV Shows
      • Streaming
    • Lifestyle
      • Fitness
      • Fashion
      • Cooking recipes
      • Luxury
      • Money Saving Expert
    • Travel
      • Culture
      • Holidays
    • Sign Up
      • Log In
    WTX News
    • Live News
    • World news
    • News Briefings
    • Sports
    • MY World
    • Entertainment
    • Lifestyle
    • Travel
    • Sign Up
    Home - Asia - South Korea’s acting president moves to calm markets after Yoon impeachment
    Asia Updated:December 16, 2024

    South Korea’s acting president moves to calm markets after Yoon impeachment

    By WTX News Editor5 Mins Read
    Facebook Twitter LinkedIn Email Telegram WhatsApp
    South Korea’s acting president moves to calm markets after Yoon impeachment

    South Korea’s acting president moves to calm markets after Yoon impeachment

    South Korea’s acting president, Han Duck-soo, moved on Sunday to reassure the country’s allies and calm financial markets a day after President Yoon Suk Yeol was impeached and suspended from his duties over a martial law attempt.

    Han spoke with U.S. President Joe Biden by phone, and the White House and Han’s office said,

    “South Korea will carry out its foreign and security policies without disruption and strive to ensure the South Korea-U.S. alliance is maintained and developed steadfastly,” Han said, according to a statement from his office.

    In a further attempt to stabilize the Asian nation’s leadership, the main opposition party announced it would not seek to impeach Han for his involvement in Yoon’s Dec. 3 martial law decision.

    “Given that the prime minister has already been confirmed as acting president and considering that excessive impeachments could lead to confusion in national governance, we have decided not to proceed with impeachment procedures,” Democratic Party leader Lee Jae-Myung told reporters.

    Prosecutors said Yoon did not appear on Sunday morning in response to a summons for questioning in a criminal investigation into his martial law decision, and they promised to issue another order, Yonhap news agency reported.

    Yoon and a number of senior officials face potential charges of insurrection, abuse of authority and obstructing people from exercising their rights.

    The prosecutor’s office did not answer phone calls seeking comment.

    Han, a longtime technocrat picked by the conservative Yoon as prime minister, was elevated to acting president in accordance with the constitution while Yoon’s case moved to the Constitutional Court.

    Demonstrators seeking Yoon’s ouster braved the cold to throng the streets outside the National Assembly building where he was impeached. The crowd was about 200,000, according to police, Yonhap said.

    Since Han’s role is only acting president, “I hope he will exercise the minimum power to operate the country stably, rather than actively be involved in state affairs,” said Jo Sung-woo, a 39-year-old Seoul resident.

    About 8.5 km (five miles) away, a much smaller number of Yoon supporters demonstrated in the central Seoul area.

    “I really can’t stand to see these illegal lawmakers who were elected by fraudulent elections making evil laws and now this huge opposition party is running wild on their own,” said Yim Joung-sook, 55.

    North Korean threat

    Yoon’s surprise martial law declaration and the ensuing political crisis spooked markets and South Korea’s diplomatic partners, worried over the country’s ability to deter nuclear-armed North Korea.

    Biden told Han the ironclad U.S.-South Korea alliance remained unchanged and Washington would work with Seoul to further develop and strengthen the alliance as well as trilateral cooperation including neighbor Japan, Han’s office said.

    The White House said in a statement that the U.S. president “expressed his appreciation for the resiliency of democracy and the rule of law in the ROK,” using the abbreviation for the country’s formal name, the Republic of Korea.

    Han convened his cabinet and National Security Council shortly after Saturday’s impeachment vote and vowed to maintain military readiness to prevent any breach of national security.

    He spoke by phone with the commander of U.S. Forces Korea, expressing concern about the possibility North Korea could attempt military provocations, such as launching ballistic missiles or cyber attacks, Yonhap said, citing Han’s office.

    South Korea’s partners wanted to see a credible and constitutional temporary leadership put in place as soon as possible, said Philip Turner, a former New Zealand ambassador to South Korea.

    “They will be pleased to see Prime Minister Han take over as acting president,” he said. “He is capable, experienced and well respected in foreign capitals.”

    But even with an acting president in place, international partners face months of uncertainty before a new president can be elected and a new government established, Turner added.

    The Constitutional Court has up to six months to decide whether to remove or reinstate Yoon. If he is removed or resigns, a new elections will be held within 60 days.

    Economic fallout

    South Korean shares rose for a fourth straight session on Friday on hopes that the political uncertainty would ease after the impeachment vote in parliament, which followed a failed vote a week earlier.

    Democratic Party leader Lee said the most pressing issue is a slump in consumption caused by insufficient domestic demand and the government’s reduction of its fiscal role.

    He called for a National Stability Council for Governance comprising the government and parliament to discuss finance, economy and public livelihoods.

    “It is necessary to promptly discuss a supplementary budget,” Lee said, adding that such a measure could support for small businesses and investments related to artificial intelligence and infrastructure to try to head off energy shortages.

    Parliament, controlled by Lee’s party, passed a 673.3 trillion won ($470.6 billion) 2025 budget bill on Tuesday that cut the government’s 677.4 trillion won proposal, without reaching agreement with Yoon’s People Power Party and the government.

    By law parliament cannot increase government budgets, and at the time the Democratic Party said a supplementary budget could be needed to address spending for people’s livelihoods.

    The party said its cuts were mostly in reserve funds for the government, interest costs and funds allocated to the presidential office, prosecutors and auditors for classified operations. The government accused parliament of delaying projects for small businesses with the cuts.

    Deadlock over budget issues was one of the justifications Yoon cited for imposing martial law.

    South Korea’s financial authorities vowed on Sunday to act as needed to stabilize markets while the finance minister said he would announce an economic policy plan by year’s end.

    South Korea’s acting president moves to calm markets after Yoon impeachment

    News Just in

    Hostages returned to Israel alive face ‘life-threatening’ health challenges, professor warns

    WTX News Editor

    Cliff Notes Returned hostages to Israel are facing serious health challenges, including the risk of refeeding syndrome that may pose life-threatening consequences. The experience in

    Read More »

    Prince Andrew to give up all his titles and honours including Duke of York

    WTX News Editor

    Cliff Notes Prince Andrew has chosen to relinquish his titles, including Duke of York, while retaining the style of Prince due to his royal lineage.

    Read More »

    CNBC Economy and Business featured financial markets Prime Minister Trending Politics World News
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Telegram WhatsApp
    Previous ArticleBritish teen sentenced after sex in Dubai could see jail time increased to 20 years 
    Next Article Autostrade spa, goodbye toll booths even during the day: experimentation in Liguria from January
    WTX News Editor
    • X (Twitter)
    • Pinterest
    • Instagram

    The WTX News Teams works around the clock to deliver, breaking news and news Briefings to you on a daily basis. It is our opinion that sometimes you need information, not speculation so we try to cut through the bull**** and give you that in your Daily News Briefing.

    Related Posts

    Why Maccabi Tel Aviv fans banned from Aston Villa game
    Politics

    Why Maccabi Tel Aviv fans banned from Aston Villa game

    Eric Idle Blasts John Cleese for Cutting This Classic Sketch From Monty Python’s Reunion
    World News

    Eric Idle Blasts John Cleese for Cutting This Classic Sketch From Monty Python’s Reunion

    Trump to host Zelenskyy today after setting up another meeting with Putin
    Politics

    Trump to host Zelenskyy today after setting up another meeting with Putin

    Wildlife Photographer of the Year See 2025’s winning snaps
    World News

    Wildlife Photographer of the Year See 2025’s winning snaps

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Advertisment
    News Headlines
    Hostages returned to Israel alive face ‘life-threatening’ health challenges, professor warns

    Hostages returned to Israel alive face ‘life-threatening’ health challenges, professor warns

    Prince Andrew to give up all his titles and honours including Duke of York

    Prince Andrew to give up all his titles and honours including Duke of York

    Save 70% on VIP subscription
    News Briefings - the way to a better life
    News Briefings - the way to a better life
    Advert by Sponsors
    More from WTX News
    The latest gaming news - with game reviews and tips and tricks. updated 24 hours a day.
    The latest gaming news
    Hot off the press!
    • Hostages returned to Israel alive face ‘life-threatening’ health challenges, professor warns October 17, 2025
    • Brigitte Bardot, 91, recovering at home after hospitalisation for surgery October 17, 2025
    • Prince Andrew to give up all his titles and honours including Duke of York October 17, 2025
    • Harmanpreet and Sciver-Brunt – fire, ice, and a touch of MI at the World Cup October 17, 2025
    • Pulp overwhelmed by Glastonbury response as they didn’t expect anyone to care October 17, 2025
    WTX News latest breaking news sports and travel
    Latest News and analysis - Deciphering through the BS with exclusive News Briefings
    Facebook X (Twitter) TikTok Instagram

    News

    • World News
    • UK News
    • US News
    • EU News
    • Business
    • Opinions
    • News Briefing
    • Live News

    Company

    • About WTX News
    • Register
    • Advertising
    • Work with us
    • Contact
    • Community
    • GDPR Policy
    • Privacy

    Services

    • Fitness for free
    • Insta Talk
    • How to guides
    • Climate Change
    • In Review
    • Expose
    • NEWS SUMMARY
    • Money Saving Expert

    News delivered to your inbox

    Copyright WTX News 2025

    • Privacy Policy
    • Terms

    Type above and press Enter to search. Press Esc to cancel.