Lee Jae-myung Steps Down Amid South Korea's Presidential Race Drama

Lee Jae-myung, head of South Korea's opposition party, resigns amidst growing anticipation for his presidential run. The snap election, scheduled for June 3, follows President Yoon's impeachment. The next leader faces challenges of guiding the economy and political strife with Lee leading in the polls despite legal troubles.

Lee Jae-myung, the leader of South Korea's main opposition party, announced his resignation on Wednesday, amid mounting speculation that he will soon declare his candidacy for the presidential race. The snap election slated for June 3 comes in the aftermath of President Yoon Suk Yeol's impeachment due to a controversial martial law declaration.

The election sets the stage for a new leader tasked with steering Asia's fourth-largest economy through turbulent times, including a global trade war exacerbated by tariffs from U.S. President Donald Trump. The political landscape remains polarized, partly due to the contentious impeachment accusing Yoon of declaring martial law over unproven electoral fraud claims.

Despite his resignation, Lee leads opinion polls against conservative contenders like labor minister Kim Moon-soo. Legal challenges loom for Lee, as pending court cases could impact his potential presidential bid. Meanwhile, Kim has signaled intentions to fortify ties with the United States and explore nuclear armament options in response to North Korean threats.

(With inputs from agencies.)