South Korea’s political landscape was thrown into disarray late Tuesday when President Yoon Suk Yeol declared martial law in a surprise move that he later rescinded within hours. The announcement, which marked the first declaration of martial law in nearly 50 years, triggered widespread protests and a political standoff with parliament, further deepening the crisis in Asia’s fourth-largest economy.

In a late-night televised address, President Yoon justified the declaration as a necessary measure to defend South Korea from “anti-state forces” and the threat posed by North Korea. However, the lack of specific threats and the abrupt nature of the decision drew swift condemnation from lawmakers across the political spectrum. Troops were deployed to the National Assembly building in Seoul, and the military announced restrictions on political activities and media control.

The response was immediate and defiant. Lawmakers, including members of Yoon’s ruling People Power Party, converged on parliament to oppose the declaration. Protesters gathered outside, chanting slogans against martial law, while parliamentary staff used fire extinguishers to hold off troops attempting to seize control of the building. Within hours, 190 of the 300-member legislature voted unanimously to invalidate the martial law order, compelling Yoon to rescind it.

The fallout has been swift and severe. Opposition parties, led by the Democratic Party, have called for President Yoon to resign or face impeachment. Senior Democratic Party lawmaker Park Chan-dae stated, “It was clearly revealed to the entire nation that President Yoon could no longer run the country normally. He should step down.”

Six opposition parties have announced plans to submit an impeachment bill against Yoon, with a vote expected by the weekend. If passed, the impeachment would lead to a trial in the Constitutional Court, where six of the nine justices must vote to confirm the president’s removal from office.

The crisis has also had immediate economic and diplomatic consequences. South Korean stocks fell by 2%, and the won plunged to a two-year low before stabilizing amid suspected government intervention. The finance ministry pledged to inject “unlimited liquidity” into financial markets to restore stability.

Internationally, the turmoil has led to the postponement of defense talks with the United States and the delay of planned visits by foreign leaders, including Sweden’s prime minister. U.S. Secretary of State Antony Blinken welcomed Yoon’s decision to lift martial law but emphasized the importance of resolving political disagreements peacefully and within the rule of law.

Public sentiment has been overwhelmingly critical, with protests expected to escalate. The Korean Confederation of Trade Unions has vowed to strike until Yoon resigns, adding to the mounting pressure on his administration. Observers have described Yoon’s actions as a desperate attempt to address declining approval ratings, corruption scandals, and opposition efforts to slash government budgets and impeach key officials.

Yoon’s popularity has been at record lows, with his support hovering around 20%. His declaration of martial law, widely viewed as a miscalculation, has further eroded confidence in his leadership. Danny Russel of the Asia Society Policy Institute remarked, “South Korea as a nation dodged a bullet, but President Yoon may have shot himself in the foot.”

The political crisis marks a significant challenge to South Korea’s democratic institutions, which have grown stronger since the country transitioned to parliamentary democracy in 1987. Analysts warn that the episode could have long-term implications for South Korea’s global reputation as a thriving democracy.

As impeachment proceedings loom, the nation’s focus now turns to whether President Yoon can navigate this turbulent period or if his presidency will end in historic ignominy. If impeached, Yoon would become the third South Korean president to face removal from office, following Park Geun-hye in 2017 and Roh Moo-hyun in 2004.

South Korea’s political and economic stability hangs in the balance, with the world watching closely as the drama unfolds.