South Korea faces political turmoil, raising economic concerns

South Korea's political instability deepened as the acting Prime Minister and the Deputy Prime Minister resigned on May 1, 2025, creating a leadership vacuum. This followed the Supreme Court's decision to re-examine a case against presidential candidate Lee Jae-myung, potentially impacting the upcoming election. The resignations of key officials further destabilized the government. The turmoil raises concerns about economic repercussions, particularly regarding trade with the US, and the potential for spillover effects on Taiwan, given their economic ties.