Bessent blames Commerce's Lutnick for slow Nvidia chip export restrictions to China
Treasury Secretary Scott Bessent said Friday he was frustrated with the Commerce Department's delay in implementing export controls on certain Nvidia chips to China, stating Commerce "has the pen" on the matter. Bessent said his department, along with State, Defense, and the U.S. Trade Representative, favored adding Singapore-based Megaspeed to an export control list for months. He noted President Trump made clear China should not receive Nvidia chips above H100s. The comments follow Nvidia CEO Jensen Huang's resignation Thursday amid reports of an affair with a former Megaspeed executive suspected by U.S. intelligence of being a Chinese spy. Megaspeed was accused last year of illicitly shipping advanced chips to China but denied the claims.