Bessent Says Lutnick’s Commerce Department Is Responsible for Failure to Blacklist Megaspeed
Bessent said the delay let suspected chip diversions continue and pushed other agencies to back a blacklist, while Congress seeks testimony from Lutnick and Huang.
- On Friday, Treasury Secretary Scott Bessent publicly criticized Commerce Secretary Howard Lutnick for failing to add Megaspeed to the Entity List, despite allegations the Singapore-based firm diverted advanced Nvidia chips to China.
- A classified memo from Secretary of State Marco Rubio warned Lutnick in May about Megaspeed's ties to an alleged Chinese intelligence asset, yet the firm remains excluded from export restrictions despite months of pressure from multiple agencies.
- Investigative reports indicate Megaspeed used ties to former Nvidia CEO Jensen Huang to secure supplies, purchasing more than $4 billion in advanced chips that officials suspect were diverted to Chinese artificial intelligence labs.
- Lawmakers, including House Foreign Affairs Chairman Brian Mast, are pressing for testimony and potential subpoenas as Congress debates new legislation to tighten export controls on advanced AI processors to China.
- Growing congressional momentum to attach export guardrails to the annual defense bill may worsen trade tensions between the United States and China, as observers warn the scandal could escalate diplomatic friction.
198 Articles
198 Articles
Scott Bessent says Treasury wanted to blacklist Megaspeed 'for months,' blaming Howard Lutnick as Nvidia fallout widens: 'Commerce has the pen'
Bessent said the Treasury, Defense, and State Departments were all in favor of placing trade restrictions on Megaspeed, but only Commerce had the power to do so.
This website is from Cedarnews.net. We are the source of the most important information and advice we have on our site. US Treasury Secretary Benscent revealed that he has been calling for export restrictions on companies linked to a woman suspected of espionage at semiconductor giant Nvidia for several months. Cedarnews الإخباري. العاجلة والتقارير الحصرية، زوروا موقعنا الرسمي.
Commerce Secretary Lutnick to Testify on AI Chip Export Oversight
Commerce Secretary Howard Lutnick has agreed to appear before the Senate Banking Committee on December 10, a scheduling decision that places the department's export control processes under direct legislative inquiry. According to a U. S. official, the testimony request follows intensified scrutiny regarding the department's oversight of advanced AI chip exports, a process complicated by the recent resignation of Nvidia CEO Jensen Huang.The core …
Svenska Dagbladet
Treasury Secretary Scott Bessent is pointing the finger at his counterpart Howard Lutnick over why the US has not done a better job of stopping the export of advanced AI chips to China. The issue is linked to the scandal surrounding Nvidia's former CEO Jensen Huang.
Bessent Blames Lutnick for Nvidia China Chip Delay
Treasury Secretary Scott Bessent publicly blamed Commerce and Howard Lutnick for months of delay as a Singapore firm was accused of diverting Nvidia AI chips to China. On CNBC’s “Squawk Box” Friday morning, Bessent did not mince words about who controlled the decision and who failed to move. The Singapore-based Nvidia customer Megaspeed faces accusations […]
U.S. Trade Minister Lutnick is in criticism. His ministry is said to have ignored warnings about the company Megaspeed involved in the Nvidia scandal. Cabinet colleague Bessent accused him of failings.
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