South Korea’s Acting President Han Duck-soo Moved to Reassure Allies and Calm Financial Markets
Following the impeachment and suspension of President Yoon Suk Yeol on December 3, acting President Han Duck-soo made a phone call to US President Joe Biden on Sunday to assure the country’s allies and calm financial markets. Han emphasized that South Korea will continue to maintain its foreign and security policies without disruption and work towards a strong alliance with the US.
The main opposition party, the Democratic Party, announced it would not seek to impeach Han for his involvement in Yoon’s December 3 martial law decision, citing the potential for confusion in national governance.
Prosecutors announced that Yoon did not appear for questioning on Sunday, and they vowed to issue another summons. Yoon and other top officials are facing potential charges of insurrection, abuse of authority, and obstructing people from exercising their rights.
Demonstrators gathered outside the National Assembly building on Friday, with some calling for Yoon’s ouster, while a smaller group of Yoon supporters demonstrated in a different area of Seoul.
Han, a technocrat, is acting president while Yoon’s case moves to the Constitutional Court, which has up to six months to make a decision. If Yoon is removed or resigns, a new election will be held within 60 days.
Economic concerns remain, with the country’s financial authorities vowing to act as needed to stabilize markets, and the finance minister promising to announce an economic policy plan by the end of the year. The main opposition party is calling for a National Stability Council to discuss finance, economy, and public livelihoods.
International partners are concerned about the potential for a power vacuum, with the US reaffirming its commitment to the South Korea-US alliance. However, South Korea’s allies will be content with a credible and constitutional temporary leadership, and Han is seen as capable, experienced, and well-respected in foreign capitals.
