Regulating Dual Listings: Balancing Shareholder Protection and Corporate Growth The announcement of guidelines prohibiting dual listings is imminent. Since the inauguration of the Lee Jae-myung administration, the enhancement of the capital market and shareholder value has emerged as a key policy priority, prompting financial authorities to accelerate regulatory reforms. While there is optimism that this will curb the longstanding practice of dual listings in South Korea, concerns persist that it may stifle companies' investment capabilities. When a parent company is already listed, adding a profitable subsidiary can dilute the value for existing shareholders. A notable example occurred during the listing of LG Energy Solution, which faced backlash from LG Chem shareholders. Similar controversies have arisen around the listings of affiliates by SK, Kakao, and POSCO. The intention of financial authorities to strengthen shareholder protection is understandable. The frequently discussed "Korea Discount" is also linked to inadequate protection for minority shareholders. It is true that many foreign investors have raised questions about the governance structures of domestic companies. However, there are practical considerations to address. The industrial structures of the United States and South Korea differ significantly. The U.S. stock market is dominated by finance, platforms, software, and high-tech companies, with a well-developed startup ecosystem and venture capital market. Promising businesses have diverse avenues for securing growth funding, even without separating from their parent companies. In contrast, South Korea is a manufacturing-centric nation. Most emerging industries, including semiconductors, batteries, future vehicles, and robotics, require substantial capital investment. From research and development to building production facilities, astronomical funding is necessary. Consequently, many companies have relied on subsidiary listings to secure growth capital. For instance, LG Energy Solution has utilized funds raised from its listing to expand its North American production base and develop battery technology. SK On is also keeping the door open for a potential listing to secure large-scale investment resources. The recently highlighted sectors of robotics, artificial intelligence (AI), and biotechnology will inevitably require significant capital in the future. A blanket ban on dual listings could reduce the ability to raise investment funds for future projects, potentially leaving South Korean companies at a disadvantage in the fiercely competitive high-tech industry. Shareholder protection and industrial competitiveness are not mutually exclusive; both are important. The key lies in finding a balance. Rather than an outright ban, reasonable regulation could serve as a practical alternative. If subsidiary listings are unavoidable, opportunities for existing shareholders to receive priority allocations could be expanded, and procedures to objectively verify any potential dilution of parent company shareholder value could be strengthened. Exploring measures such as independent board reviews and enhanced protections for minority shareholders, similar to practices in the U.S. and Japan, could also be beneficial. Above all, it is crucial to avoid a regulatory overreach. Addressing market dissatisfaction with specific cases by viewing all dual listings negatively poses risks. Simply applying foreign examples without considering the industrial realities of a manufacturing-centric nation like South Korea could lead to unintended consequences. The purpose of the capital market extends beyond just protecting shareholders; it also plays a vital role in supporting corporate growth and industrial development. It would be detrimental if the pursuit of enhancing shareholder value stifles the seeds of future growth potential. The guidelines on dual listings will significantly impact the South Korean capital market and industrial competitiveness. Financial authorities must find a balance between the goal of restoring market confidence and the reality of fostering corporate growth. As the saying goes, excessive regulation or indiscriminate allowances are not solutions. What is needed now is a sophisticated regulatory framework that reflects industrial realities rather than a principle-less ban.* This article has been translated by AI. 2026-06-04 16:00:00

Strong Semiconductor Exports Push South Korea's Trade Surplus with China Near $10 Billion Global semiconductor price increases have led to a seven-month rise in South Korea's exports to China, resulting in a trade surplus. This marks a significant shift from three years of trade deficits between the two nations. However, there are concerns that the current gains may be short-lived due to rising semiconductor prices, prompting the need to identify 'post-semiconductor' sectors for growth. According to the Ministry of Trade, Industry and Energy, exports to China reached $18.9 billion last month, an 80.9% increase compared to the same period last year. This marks the seventh consecutive month of growth since a turnaround in November of last year, with export volumes steadily increasing. The surge in exports is largely attributed to strong global demand for semiconductors, which has driven prices higher. In May, semiconductor exports to China skyrocketed by 243.2% year-on-year, totaling $9.88 billion. This increase is fueled by high memory prices, as South Korea capitalizes on rising demand for artificial intelligence (AI). The outlook remains positive. Market research firm TrendForce indicates that sustained AI demand is putting upward pressure on high-bandwidth memory (HBM) prices. If HBM prices rise sufficiently, South Korean semiconductor manufacturers could increase production of profitable DRAM. Analysts predict that the strong export performance of semiconductors could continue into next year. In addition to semiconductors, exports of IT products such as wireless communication devices and computers are also on the rise. Exports of agricultural and fishery products and cosmetics, driven by the Korean Wave, have increased by 19% ($150 million) and 5% ($140 million), respectively, indicating a robust performance in consumer goods exports. With strong export figures, there are expectations that South Korea's trade surplus with China, which has been in deficit for three years, could turn positive. The trade balance shifted to a surplus of $350 million in January and has since expanded, reaching $3.79 billion last month. From the beginning of the year until May 25, the trade surplus totaled $9.36 billion. According to the Korea International Trade Association's K-stat statistics service, the trade surplus with China first surpassed $10 billion in 2003, peaking at $62.8 billion in 2013. From 2010 to 2018, South Korea maintained a trade surplus with China ranging from $30 billion to $60 billion, accounting for nearly half of the country's overall trade surplus, as South Korea exported intermediate goods that China processed for export to the U.S. and Europe. However, amid escalating U.S.-China rivalry and China's strengthening manufacturing sector, South Korea recorded a trade deficit of $18.1 billion in 2023. This trend continued with deficits of $6.9 billion in 2024 and $11.2 billion last year, marking three consecutive years of deficits. The once lucrative Chinese market, which previously generated surpluses exceeding $60 billion, has become increasingly dependent on semiconductor prices. Calls for industrial policies that account for potential declines in semiconductor prices are gaining traction. The Ministry of Trade is focusing efforts on consumer goods exports, which are showing strong performance, particularly given the significant economic scale of individual Chinese provinces. A ministry official stated, "Any fluctuations in semiconductor prices could increase export volatility, so we aim to establish distribution networks across provinces to enhance export performance."* This article has been translated by AI. 2026-06-04 16:00:00

SOOP Executives Buy Back Company Shares to Enhance Accountability and Shareholder Value SOOP's key executives have initiated a share buyback to strengthen accountability and enhance shareholder value. On June 4, SOOP announced that CEO Choi Young-woo, CEO Lee Min-won, Chief Technology Officer (CTO) Choi Dong-geun, and Chief Financial Officer (CFO) Lee Byung-ho acquired company shares through market purchases. Choi and Lee each purchased shares worth approximately 100 million won, while CTO Choi and CFO Lee acquired shares valued at around 50 million won each. The company explained that this share buyback reflects the executives' confidence in the company's competitive position and long-term growth potential, aligning the interests of management and shareholders to enhance corporate value. With this buyback, SOOP plans to accelerate the execution of its core strategies, including enhancing platform services, expanding collaborations with streamers and partners, growing its global user base, and improving its revenue structure. The goal is to strengthen both profitability and growth. Additionally, SOOP announced a three-year shareholder return policy at its annual general meeting in March of last year. The company plans to allocate more than 25% of its consolidated net income for shareholder returns over the next three years and has changed its dividend criteria from free cash flow to net income.* This article has been translated by AI. 2026-06-04 16:00:00

Korea Investment & Securities takes 20% of Coinone in crypto deal SEOUL, June 4 (AJP) - Korea Investment & Securities has acquired about 20 percent of cryptocurrency exchange Coinone and formed a joint-shareholder structure with global exchange OKX and Com2uS Holdings, the firm said on Thursday. The move positions the company to become an issuance hub for security tokens ahead of new rules taking effect early next year. The brokerage acquired 159,610 Coinone shares in total, combining 68,894 existing shares held by Com2uS Holdings with 90,716 newly issued shares, in a deal reported at around 80 billion won (US$52.3 million). The purchase makes Korea Investment & Securities the third-largest shareholder in Coinone at roughly 20 percent, behind Coinone chief executive Cha Myung-hoon at 30.36 percent and Com2uS Holdings at 24.54 percent. OKX secured a stake of about 20 percent as well, joining as a co-third-largest shareholder. Presenting the partnership at a joint press conference at Coinone's headquarters in Yeouido, Seoul, Korea Investment & Securities president Kim Sung-hwan called the deal a strategic rather than a financial investment, "aimed at preempting the role of a hub connecting institutional finance and the crypto-asset market," and cited Coinone's security record, with no incidents since its founding, as the reason for choosing it. The firm has already sent a request for proposal to market participants to build its own platform for issuing security token offerings, tokenized versions of conventional assets, which it intends to design as an integrated system covering standardized securities such as bonds and money market funds. The timing is tied to a regulatory shift. Under recently revised legislation, the Electronic Securities Act and the Capital Markets Act, brokerages will be able to issue and distribute token securities from early next year, a change expected to create a structure in which securities firms handle issuance while crypto exchanges support distribution. The move also anticipates a roadmap from the Financial Services Commission, which has begun preparing a phased framework for the tokenization of conventional securities and on-chain settlement and is due to release revised subordinate regulations and guidelines in July. A company official said Korea Investment & Securities is separating the two functions, using its own platform for issuance and the KDX consortium for distribution. Korea Investment & Securities said it plans to combine its traditional financial compliance capabilities with Coinone to strengthen internal controls, while pursuing products built on token securities and stablecoin linkages to target the global digital asset market. Whether the bet pays off quickly is another question. S&P Global Ratings, in a recent analysis, judged the impact of the Coinone investment on Korea Investment & Securities' risk-adjusted capital ratio, a measure of capital strength relative to risk, to be limited, and said the stake was unlikely to generate substantial profit in the short term. Its value, the agency concluded, lies in establishing a base for positioning in the digital asset market once the new rules arrive, a payoff measured in years rather than quarters. 2026-06-04 15:57:08

Surge in Memory Chip Prices Driven by AI Demand, Morgan Stanley Warns of 'Chipflation' Investment in artificial intelligence (AI) data centers has triggered a shortage of memory chips, leading to rising prices for electronics and cloud services. Morgan Stanley has labeled this phenomenon as 'chipflation,' indicating that the memory bottleneck has evolved into a macroeconomic concern beyond the semiconductor industry. According to a report by Reuters on June 3, Morgan Stanley stated in a 66-page document that "the issue that began with AI infrastructure bottlenecks is now spreading to hardware margins, device purchasing power, cloud costs, inflation, and policy, becoming a macroeconomic worry." The root cause of the price increases is the soaring demand for memory used in AI applications. Demand for high-bandwidth memory (HBM) and DRAM has surged, but building new factories and expanding production capacity takes years. While some semiconductor companies have begun to expand, Morgan Stanley believes that the complexity and costs involved will make it difficult to resolve the supply shortage in the short term. Analysts suggest that this situation may differ from past semiconductor cycles. Major cloud providers and AI companies are securing production capacity through long-term contracts and advance purchases, creating a competitive environment where traditional PC and smartphone manufacturers are vying for a more limited supply. Morgan Stanley characterized this as a 'sustained supply-demand adjustment' rather than a temporary boom. The cost burden is already shifting to the hardware and cloud markets. Reuters reported that electronics companies like Sony and Lenovo have raised prices, and major tech firms have indicated additional spending due to rising memory costs. Microsoft revealed in April that approximately $25 billion of its projected $190 billion in spending for the year would stem from increased chip prices. Rising prices could dampen demand for PCs and smartphones. Market research firm IDC estimates that the PC and smartphone markets could significantly shrink in 2026 due to price pressures, particularly affecting lower-priced products where purchase delays are likely. Conversely, memory manufacturers are poised to see improved performance. Reuters noted that Samsung Electronics, SK Hynix, and Micron account for about 90% of global DRAM production, with their stock prices rising more than threefold this year. Morgan Stanley analyzed that while memory companies benefit from price increases, margin improvements, and enhanced visibility, hardware manufacturers face challenges in absorbing costs, passing on prices, redesigning products, and the risk of reduced demand. The U.S.-China semiconductor conflict is also exacerbating supply uncertainties. Export restrictions and supply chain fragmentation are tightening memory supply further. Morgan Stanley believes that while subsidies from various countries may help expand production capacity in the long term, they are unlikely to alleviate short-term price pressures.* This article has been translated by AI. 2026-06-04 15:57:00

South Korea's Trade Surplus with China on the Horizon Amid Semiconductor Boom South Korea is on the verge of returning to a trade surplus with China. After more than four years of deficits, the recovery is largely driven by a surge in semiconductor exports and increased demand for advanced electronic components due to the expansion of the artificial intelligence (AI) industry.This is certainly welcome news. China remains South Korea's largest trading partner and one of its biggest export markets. In recent years, the South Korean economy has faced challenges, including a slowdown in the Chinese economy, shifts in industrial structure, and the U.S.-China conflict, which have all contributed to sluggish exports to China. The trade deficit with China has been viewed not merely as a statistical change but as a warning sign regarding the competitiveness of South Korean manufacturing.However, the prospect of a trade surplus should not be viewed with unqualified optimism. The current recovery does not hold the same significance as in the past.Once, China was a country that struggled to operate its manufacturing sector without South Korean intermediate goods. Semiconductors, displays, steel, and petrochemical products flowed into Chinese factories, which processed them for sale in global markets. This naturally led to substantial trade surpluses for South Korea.Today, however, China is different. It is no longer just the 'world's factory.' Through large-scale national investments and technological development, it is transforming into a powerhouse of advanced manufacturing. In sectors such as steel, shipbuilding, and petrochemicals, as well as batteries and displays, Chinese companies have reached a level that poses a threat to South Korean firms. Some industries have even been assessed as having surpassed South Korean capabilities.The recent recovery in exports to China is primarily driven by semiconductors. Increased investment in AI servers and rising prices for memory chips are boosting exports, but the high dependence on specific items remains a concern. Should the semiconductor market decline or if China accelerates its technological self-sufficiency, the current surplus structure could be jeopardized at any time.Ultimately, what matters is not just the size of the surplus but its substance. A structure that relies solely on selling large quantities to China will not secure sustainable competitiveness. South Korea must supply products and technologies that China cannot produce on its own. This is why technological competitiveness has become more important than price competitiveness.South Korea's focus should be clear. It must continue to widen the technological gap in fields such as AI semiconductors, advanced packaging, next-generation memory, biotechnology, and aerospace—areas where China will find it challenging to catch up in the short term. To ensure that the recent surge in semiconductor exports does not remain a temporary cyclical phenomenon, there must be national-level investments in research and development and industrial growth.Furthermore, the perspective on the Chinese market needs to change. South Korea should move away from a structure centered on intermediate goods exports and expand its competitiveness into consumer goods and services sectors such as K-content, healthcare, tourism, and beauty. At the same time, while maintaining its presence in the Chinese market, a balanced trade strategy that explores new markets in Southeast Asia and India is essential.China presents both a threat and an opportunity for the South Korean economy. While it can no longer compete using past success formulas, it can still become the largest market if it secures new competitive advantages.Now is not the time to rest on the laurels of a surplus created by semiconductors. South Korea must acquire the technologies and industries that China urgently needs to usher in an era of 'super-gap trade.' This is the path to transforming a temporary rebound in trade with China into sustainable national competitiveness. 2026-06-04 15:57:00

Coupang CLS Launches Heat Illness Prevention Campaign for Delivery Workers Coupang Logistics Service (CLS) announced on June 4 that it has launched a heat illness prevention campaign for contract delivery workers, starting from Ilsan Camp 1 on May 29 and expanding to major camps nationwide.According to CLS, the campaign is aimed at contract delivery workers who are not subject to mandatory health screenings under current regulations, making them more vulnerable to neglect in health management. Medical staff will visit the sites to assess health conditions and promote CLS's fully funded health screening program.CLS set up a health management booth at Ilsan Camp 1, where KMI Korea Medical Institute staff provided consultations on heat illness prevention, encouraged health screening reservations through a prize event, and distributed heat illness prevention kits.On that day, KMI medical staff advised delivery workers on heat illness prevention methods based on their blood pressure, blood sugar, cholesterol, and body composition measurements, as well as their health history.Additionally, Kim Young-woong, CLS Chief Safety Officer (CSO), inspected the large air-conditioned cooling zone system at Ilsan Camp 1 to ensure effective heat illness response measures. CLS also provided prevention kits containing electrolyte drinks, ice neck wraps, oral rehydration salts, and heat illness prevention guideline cards to delivery workers participating in the campaign.CLS operates a large air-conditioned cooling zone equipped with curtains to prevent cold air leakage and ceiling-mounted air conditioning systems. Although external temperatures reached 29 degrees Celsius on the campaign day, the cooling zone maintained a temperature below 20 degrees Celsius.A CLS representative stated, "To achieve tangible health improvement, the participation of contract delivery workers is crucial, and we will continue to encourage their involvement in future activities."Meanwhile, according to the Korea Disease Control and Prevention Agency, heat illnesses occur due to prolonged exposure to high temperatures and include heat stroke, heat exhaustion, heat cramps, heat syncope, and heat edema. The most common, heat exhaustion, occurs when excessive sweating leads to inadequate hydration and salt supply. Those experiencing heat exhaustion should drink water to rehydrate and move to a cool place, such as one with air conditioning, to rest.* This article has been translated by AI. 2026-06-04 15:54:00

French Chamber of Commerce Hosts Successful 'Career Forum 2026' in Busan The French Chamber of Commerce in Korea (FKCCI) and the French Embassy in Korea co-hosted the 'Career Forum 2026 (Forum Emploi)' last week, with support from the Korea Chamber of Commerce and Industry (KCCI), Pusan National University, and Alumni Day, a global cooperation program of the French Ministry of Foreign Affairs. This year’s event was particularly significant as it was held in Busan for the first time, aligning with the Lee Jae-myung administration's '5 Regions, 3 Special' policy for balanced regional growth. The seventh Career Forum took place on May 27 in Seoul, attracting over 700 attendees who engaged with representatives from 24 major French and global companies, including Louis Vuitton, Novotel, JCDecaux, Richemont, Assurances, Povis Mazar, De'Longhi, and Linas. The event featured conferences across four industry sectors: hospitality and food service, manufacturing, services, and luxury and beauty, providing participants with insights into the latest industry trends, hiring market demands, and various career opportunities. Additionally, the event offered programs aimed at enhancing participants' competitiveness in the international job market, including workshops on resume writing in Korean, English, and French, interview strategies, practical business French, and insights into French corporate culture. The forum continued on May 29 at Pusan National University, marking the first time the event was held in Busan. Approximately 50 participants attended, engaging in various programs designed to facilitate direct interaction between job seekers and company representatives, including recruitment presentations and career talks. The Busan event is seen as a significant milestone, expanding the forum's reach beyond Seoul and creating new opportunities for students and young talent in the southern regions, including Busan and Gyeongnam, to connect with French, Korean, and global companies. The FKCCI aims to connect talent with companies through the Career Forum, promoting global careers for job seekers and continuously strengthening ties within the Korea-France business community. This year marks the 140th anniversary of diplomatic relations between Korea and France and the 40th anniversary of the FKCCI, coinciding with various activities to enhance economic cooperation between the two nations following French President Emmanuel Macron's visit to Korea in April. Since its establishment in 1986, the FKCCI has served as a bridge to foster the Korea-France business community, currently supporting over 475 member companies in their operations within both markets. The FKCCI ranks sixth in revenue among 125 French chambers of commerce worldwide and third among foreign chambers of commerce operating in Korea, based on last year's figures. 2026-06-04 15:54:00

Commemorative Stamp for 100th Anniversary of June 10th Movement to Be Issued The Korea Post, under the Ministry of Science and ICT, announced on June 4 that it will issue 480,000 commemorative stamps on June 10 to mark the 100th anniversary of the June 10th Movement. The stamps symbolically capture the desire for Korean independence and the historical significance of the June 10th Movement. They feature a waving Taegukgi (Korean national flag), contemporary newspaper articles, crowds participating in the movement, and monuments, all reflecting the meaning and history of the independence struggle. The June 10th Movement was an anti-Japanese independence movement that began on June 10, 1926, coinciding with the anniversary of King Gojong's death. It was a mass movement that transcended political ideologies, often regarded as the second March 1st Movement. The Korea Post expressed hope that the commemorative stamp would serve as a reminder of the historical significance of the June 10th Movement, which united various groups under the common goal of independence, regardless of specific ideologies or social classes. Additionally, the Korea Post plans to sell a commemorative stamp featuring the girl group BLACKPINK starting June 16 at post offices nationwide. The BLACKPINK stamp set will be priced at 8,800 won for ten stamps.* This article has been translated by AI. 2026-06-04 15:51:00

Trump: Agreement with Iran Possible This Weekend Amid Lebanon Ceasefire President Donald Trump stated that an agreement with Iran could be reached as early as this weekend amid ongoing ceasefire negotiations between Israel and Lebanon. While the potential for a deal has increased, Iran's continued airstrikes in the region leave the final outcome uncertain. On June 3, following the signing of an executive order at the White House, Trump responded to a question about Iran's attack on Kuwait, saying, "I have heard that the negotiations are going very well." He added, "It may not happen, but if it does, it could happen over the weekend." He noted that they are "theoretically quite close" to signing a document. Trump also addressed the issue of Iran's handling of highly enriched uranium (HEU), stating, "We will secure it in the very near future," and confirmed that an agreement to secure and destroy it has been reached with Iran. He indicated that the Strait of Hormuz would be opened immediately upon signing a memorandum of understanding (MOU) with Iran. U.S. Secretary of State Marco Rubio emphasized that the handling of Iran's HEU stockpile is central to the ceasefire negotiations, noting that final discussions are underway. He stated, "This issue is clearly addressed in the exchanged documents," but added that as of that morning, final approval had not been received from their command structure. Rubio stressed that the ceasefire negotiations should involve a reciprocal arrangement: the opening of the Strait of Hormuz, the lifting of U.S. maritime sanctions against Iran, the disposal of Iran's HEU, and limitations on its enrichment program. Israel and Lebanon Agree to Ceasefire with U.S. Mediation In the meantime, Israel and Lebanon reached a ceasefire agreement with U.S. mediation, signaling a potential breakthrough in U.S.-Iran negotiations. The U.S. State Department announced that Israel and Lebanon agreed to implement the ceasefire. According to Reuters and the Associated Press, both sides issued a joint statement following the fourth round of high-level trilateral talks held in Washington, D.C., on June 2-3. The joint statement outlined that the agreement hinges on a complete cessation of attacks by Hezbollah, the Iran-aligned armed group in Lebanon, and the withdrawal of all Hezbollah personnel from southern Lebanon's Litani region. Both sides also agreed to expedite the establishment of a demonstration area under the exclusive control of the Lebanese military, guided by the U.S. Additionally, Israel and Lebanon plan to resume political and security negotiations in the week of June 22, aiming for a comprehensive agreement. The U.S. intends to continue facilitating communication between the two parties during this period. If tensions on the Lebanon front ease, it could bolster the U.S.-Iran ceasefire negotiations. Iran has previously linked the ceasefire in Lebanon to its negotiation terms, making this agreement a potential factor for improving the U.S.-Iran negotiation environment. Iran Continues Airstrikes on Regional Nations However, Iran's ongoing airstrikes against U.S. military bases and regional nations such as Kuwait and Bahrain indicate a hardline stance, leaving the final agreement uncertain. Earlier that morning, the Islamic Revolutionary Guard Corps (IRGC) announced that it had attacked U.S. military bases in Kuwait and Bahrain in retaliation for strikes on an Iranian oil tanker and a communications tower on Qeshm Island. The Kuwaiti Defense Ministry reported that it intercepted 13 ballistic missiles and 17 drones launched by Iran that morning. Significant damage occurred to civilian infrastructure, including Kuwait International Airport, resulting in one Indian resident's death and several injuries. In response, Mohsen Rezaei, a military advisor to Iran's Supreme Leader Ayatollah Seyyed Ali Khamenei, stated on social media platform X (formerly Twitter), "History cannot be reversed, and the aggressors will soon be punished," adding that all attacks would be met with missile and drone retaliation. Iranian Foreign Minister Abbas Araghchi also justified the airstrikes on X, stating, "Our military is conducting defensive strikes against areas permitted for U.S. attacks on civilian vessels and violations of the ceasefire." As a result, attention is focused on whether Iran's stance will change following the ceasefire between Israel and Lebanon. Meanwhile, President Trump reportedly intends to avoid full-scale war with Iran unless U.S. military casualties occur. According to the Wall Street Journal, Trump recently told aides that he would consider ending the ceasefire if U.S. troops were killed in an Iranian attack. This suggests he is willing to tolerate minor conflicts for weeks or months to avoid a larger confrontation in the Middle East. In the U.S., there is increasing movement to check the president's war powers. According to reports from the Associated Press, the House of Representatives voted 215-208 in favor of a Democratic-led resolution aimed at limiting Trump's authority to engage in military actions against Iran without congressional approval, except in cases of defending the U.S. and its allies from imminent attacks.* This article has been translated by AI. 2026-06-04 15:51:00