South Korean President Yoon Suk Yeol walked back his Tuesday declaration of martial law hours after the country's National Assembly voted to strike down his stunning decree that sparked a constitutional crisis for one of the closest U.S. allies in Asia.

The latest: The Korean Confederation of Trade Unions announced plans to strike until Yoon resigns and opposition lawmakers told reporters they had submitted a motion to impeach the president on Wednesday.

• They expect the impeachment bill to be voted on within 72 hours, per Reuters. South Korean presidents can be impeached if two-thirds of lawmakers in the National Assembly vote for the procedure.

The big picture: Facing pressure from his own party and a vote from the opposition-led legislature to revoke his controversial motion, Yoon said Wednesday he would lift martial law, according to multiple reports.