Bessent blames Commerce for failing to blacklist Megaspeed

The New York Times reports: Treasury secretary says Commerce held the pen on Nvidia chip export controls for months

Corruption · 4 sources · November 13, 2026 at 1:29 PM

Treasury Secretary Scott Bessent blamed the Commerce Department for failing to sanction Megaspeed, a Singaporean firm, over Nvidia chip exports to China. Bessent said Commerce had the authority to act, stating "Commerce has the pen," and added that Nvidia employees should be held accountable if they sidestepped the law. Commerce Secretary Howard Lutnick has come under increasing scrutiny over his reportedly close relationship with Nvidia's Jensen Huang. Bessent declined to detail internal processes when pressed on the matter.

“Commerce Secretary Howard Lutnick has come under increasing scrutiny because of his reportedly close relationship with Jensen Huang.”