South Korea will hold a presidential election June 3 to choose Yoon's successor

SEOUL, South Korea (AP) — South Korea will hold a snap presidential election June 3 to choose Yoon Suk Yeol's successor after the conservative was ousted over his imposition of martial law late last year.

The announcement from acting President Han Duck-soo came four days after the Constitutional Court unanimously removed Yoon from office, which by law, must be followed by an election within 60 days. The next president will serve a full 5-year term.

Deep political polarization will likely shape the election into a two-way showdown between Yoon’s People Power Party and its chief liberal rival, the Democratic Party, which holds a majority in the National Assembly.

It will be an uphill battle for the People Power Party as it struggles to restore public confidence and heal severe internal divisions left by Yoon’s brief enactment of martial law.

The focus of attention is on whether conservatives can regroup and field a strong candidate to compete against likely Democratic Party candidate Lee Jae-myung, who observers say is the clear front-runner.

South Korea's political parties are expected to launch primaries to select their presidential candidates in the coming weeks.

The Democratic Party candidate is expected to be Lee, a powerful party leader who faces no major challengers inside the party. Lee, who narrowly lost the 2022 election to Yoon, led the party through a crisis during which many of its members faced off against troops sent by Yoon to encircle the National Assembly building, voted down martial law and later impeached Yoon.

About 10 politicians from the People Power Party are expected to seek the nomination.

Yoon’s baffling decision to enact martial law, which brought armed troops into Seoul’s streets and evoked the country’s traumatic memories of past military rule, was a blow to his party’s reputation even though the party wasn’t directly involved.

Some reformist party members openly criticized Yoon’s actions and cast ballots to impeach him, triggering a feud with the party’s old guard who supported the president.

Yoon has diehard supporters who regularly staged massive rallies. Many share an unfounded perception that Yoon is a victim of a leftist, North Korea-sympathizing opposition that has rigged elections to gain a legislative majority and plotted to remove a patriotic leader.

“South Korea’s conservative party faces significant disadvantages heading into the upcoming election. Two months is a short time to unify the base, moderates and a conspiracy-driven fringe around a single candidate,” said Leif-Eric Easley, a professor at Ewha University in Seoul.

The party’s current leadership is filled with Yoon loyalists, and that will likely let the internal divide continue and undermine its electoral prospects, said Choi Jin, director of the Seoul-based Institute of Presidential Leadership.

Among the leading People Power Party presidential hopefuls, Labor Minister Kim Moon Soo is considered to be the most pro-Yoon. He and Daegu Mayor Hong Joon-pyo opposed impeaching Yoon, while former party leader Han Dong-hoon and senior party lawmaker Ahn Cheol-soo supported removing him from office. The last major candidate is Seoul Mayor Oh Se-hoon, who has maintained an ambiguous position.

Choi said Yoon will likely exert his influence to boost pro-Yoon figures who are seeking the nomination and party leadership posts so they can defend him as he faces a criminal trial. Yoon was charged with rebellion in January, and he could face other charges like abuse of power now that he has lost presidential immunity, which protected him from most criminal prosecutions.

The People Power Party “will need to nominate someone who can win over the public, particularly the moderates, rather than someone who can win the party’s primaries,” said Duyeon Kim, a senior analyst at the Center for a New American Security in Washington. “Korean moderates and the young generation in their 20s and 30s will likely be the swing voters.”

Opposition leader Lee, who has served as a provincial governor and a city mayor, is considered by his supporters as a populist reformer. But critics regard him as a demagogue who relies on stoking divisions and demonizing his rivals.

Lee faces five ongoing trials for corruption and other criminal charges. If he becomes president, those trials will likely stop thanks to presidential immunity.

Yoon has repeatedly accused Lee’s Democratic Party of abusing its parliamentary majority status to obstruct his agenda, impeach senior officials and slash the government’s budget bill. Yoon said his martial law declaration was a desperate attempt to draw public support of his fight against “wickedness” of Lee’s party.

“Lee Jae-myung has many detractors among the South Korean public who believe he nearly broke the government for his own benefit, weaponizing the legislature to push Yoon over the edge and cast his own legal cases as political persecution,” Easley said.

“Lee’s successful maneuvering, including the purge of progressive politicians disloyal to him, means he effectively owns the Democratic Party nomination and has the clearest path to the presidency,” he said.

FILE - South Korea's impeached President Yoon Suk Yeol attends a hearing of his impeachment trial at the Constitutional Court in Seoul, South Korea, Tuesday, Feb. 11, 2025. (AP Photo/Lee Jin-man, Pool, File)

Ahn Cheol-soo, a lawmaker of the People Power Party, speaks during a press conference to announce his candidacy in the presidential election in Seoul, South Korea, Tuesday, April 8, 2025. (AP Photo/Lee Jin-man)

Ahn Cheol-soo, a lawmaker of the People Power Party, leaves a press conference after announcing his candidacy in the presidential election in Seoul, South Korea, Tuesday, April 8, 2025. (AP Photo/Lee Jin-man)

Ahn Cheol-soo, a lawmaker of the People Power Party, arrives for a press conference to announce his candidacy in the presidential election in Seoul, South Korea, Tuesday, April 8, 2025. (AP Photo/Lee Jin-man)

Ahn Cheol-soo, a lawmaker of the People Power Party, leaves after a press conference to announce for the presidential election in Seoul, South Korea, Tuesday, April 8, 2025. (AP Photo/Lee Jin-man)

Ahn Cheol-soo, a lawmaker of the People Power Party, speaks during a press conference to announce his candidacy in the presidential election in Seoul, South Korea, Tuesday, April 8, 2025. (AP Photo/Lee Jin-man)

FILE - South Korea's main opposition Democratic Party leader Lee Jae-myung, center, and his party members shout slogans during a rally calling for impeached South Korean President Yoon Suk Yeol's dismissal at the National Assembly in Seoul, South Korea, March 19, 2025. The letters read "Dismiss Yoon Suk Yeol." (AP Photo/Ahn Young-joon, File)

South Korean acting President Han Duck-soo, center, speaks during a Cabinet meeting at the government complex in Seoul, South Korea, Tuesday, April 8, 2025. (Hong Hae-in/Yonhap via AP)

TOKYO (AP) — Asian shares were trading mixed Tuesday amid global skepticism about U.S. investments and President Donald Trump’s trade war.

Trading was cautious in Asia, where the benchmark Nikkei 225 lost 0.2% in afternoon trading to 34,224.33. Australia's S&P/ASX 200 was virtually unchanged, inching down less than 0.1% to 7,816.70. South Korea's Kospi lost 0.2% to 2,483.60. Hong Kong's Hang Seng added nearly 0.6% to 21,513.91, while the Shanghai Composite added 0.4% to 3,303.32.

Trump's tariffs and the retaliatory measures from China hang as a shadow over the region.

"Across Asia, there is undoubtedly a sense of urgency to get to the negotiation table even as striking a deal at an appropriate cost can be tough," said Tan Boon Heng, at Mizuho Bank's Asia & Oceania Treasury Department.

“China’s warning to countries not to resolve U.S. tariffs by striking deals at the expense of Beijing’s interests reveals the geo-economic polarization.”

On Wall Street the previous day, the S&P 500 sank 2.4% in another wipeout. That yanked the index that’s at the center of many 401(k) accounts 16% below a record set two months ago.

The Dow Jones Industrial Average dropped 971 points, or 2.5%, while losses for Tesla and Nvidia helped drag the Nasdaq composite down 2.6%.

U.S. government bonds and the value of the U.S. dollar also sank as prices retreated across U.S. markets. That's an unusual and worrying move because Treasurys and the dollar have historically strengthened during episodes of nervousness.

This time around, though, it’s policies directly from Washington that are causing the fear and potentially weakening their reputations as some of the world’s safest investments.

In energy trading, benchmark U.S. crude gained 45 cents to $63.53 a barrel. Brent crude, the international standard, rose 45 cents to $66.71 a barrel.

In currency trading, the U.S. dollar edged down to 140.31 Japanese yen from 140.80 yen. The euro cost $1.1508, down from $1.1514.

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, April 22, 2025. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, April 22, 2025. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, April 22, 2025. (AP Photo/Ahn Young-joon)