By Don Southerton
The National Assembly (Parliament) has passed a motion to impeach President Yoon Suk-yeol for issuing a short-lived martial law on December 3rd. The motion suspends Yoon’s role as South Korea’s president.
Prime Minister Han Deok-soo will step in as acting president to lead the nation until Yoon returns to office or until a new president is elected.
The Constitutional Court has six months to review the impeachment motion. If the court upholds the motion, a new presidential election will be held within two months of the court’s decision.
I assume he will be impeached, as most feel the reasons President Yoon’s grounds for martial law were political rather than his reason to “investigate election fraud manipulated by North Korea.”
His motives stem more from frustration with advancing the administration’s agenda and his desire to prevent the opposing party from meeting.
My takeaway is that South Korea’s democracy is vibrant after decades of authoritarianism. Politicians embrace free speech and confrontation, and massive public rallies are typical. What is apparent is that Korean democracy remains strong and resilient.
Concerns about potential trade restrictions regarding the impeachment’s international impact on business have been raised.
Although the incumbent Trump administration has not explicitly mentioned tariffs on South Korea, there is potential for tariffs on Korean-made goods and services.
More to the point, during the previous Trump administration, in which President Trump met with the former Korean president and engaged in ongoing negotiations, we saw exemptions for Korean products subject to punitive tariffs.
The status of the South Korean leadership in limbo could pose a challenge until the Korean presidency is resolved.
That said, in my opinion, President-elect Trump seems to have greater concerns about U.S. military troops in South Korea than about any bold mention of trade restrictions—unlike with the EU, China, Mexico, and Canada.
About Don
Don Southerton has a long history of offering Korea-facing market entry, strategy, and consulting services to businesses around the globe.
On business issues, Southerton has contributed to CNBC, The Economist, Automotive News, the BBC, CNN Fortune, Korea Times, Yonhap, tbs eFM, Wall Street Journal, Branding in Asia, and Forbes.
Southerton is the author of more than a dozen books, including, most recently, Korea 101: The Book (2023) and Hyundai Way: Hyundai Speed (Third Edition, 2023).
https://www.bridgingculture.com
https://www.bridgingculture.com
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The Impeachment of South Korean President Yoon Suk-yeol and the International Business Implications
By Don Southerton
The National Assembly (Parliament) has passed a motion to impeach President Yoon Suk-yeol for issuing a short-lived martial law on December 3rd. The motion suspends Yoon’s role as South Korea’s president.
Prime Minister Han Deok-soo will step in as acting president to lead the nation until Yoon returns to office or until a new president is elected.
The Constitutional Court has six months to review the impeachment motion. If the court upholds the motion, a new presidential election will be held within two months of the court’s decision.
I assume he will be impeached, as most feel the reasons President Yoon’s grounds for martial law were political rather than his reason to “investigate election fraud manipulated by North Korea.”
His motives stem more from frustration with advancing the administration’s agenda and his desire to prevent the opposing party from meeting.
My takeaway is that South Korea’s democracy is vibrant after decades of authoritarianism. Politicians embrace free speech and confrontation, and massive public rallies are typical. What is apparent is that Korean democracy remains strong and resilient.
Concerns about potential trade restrictions regarding the impeachment’s international impact on business have been raised.
Although the incumbent Trump administration has not explicitly mentioned tariffs on South Korea, there is potential for tariffs on Korean-made goods and services.
More to the point, during the previous Trump administration, in which President Trump met with the former Korean president and engaged in ongoing negotiations, we saw exemptions for Korean products subject to punitive tariffs.
The status of the South Korean leadership in limbo could pose a challenge until the Korean presidency is resolved.
That said, in my opinion, President-elect Trump seems to have greater concerns about U.S. military troops in South Korea than about any bold mention of trade restrictions—unlike with the EU, China, Mexico, and Canada.
About Don
Don Southerton has a long history of offering Korea-facing market entry, strategy, and consulting services to businesses around the globe.
On business issues, Southerton has contributed to CNBC, The Economist, Automotive News, the BBC, CNN Fortune, Korea Times, Yonhap, tbs eFM, Wall Street Journal, Branding in Asia, and Forbes.
Southerton is the author of more than a dozen books, including, most recently, Korea 101: The Book (2023) and Hyundai Way: Hyundai Speed (Third Edition, 2023).
https://www.bridgingculture.com
https://www.bridgingculture.com
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