Treasury Secretary Bessent Accuses Commerce Secretary Lutnick of Protecting Nvidia
Treasury Secretary Scott Bessent criticized Commerce Secretary Howard Lutnick for failing to blacklist Megaspeed, a company accused of shipping $7.5 billion in Nvidia chips to China.
U.S. Treasury Secretary Scott Bessent has publicly criticized Commerce Secretary Howard Lutnick for failing to blacklist Megaspeed, a Singapore-based cloud computing company linked to a national security scandal. Bessent stated that the Treasury, State, Defense, and USTR departments favored placing Megaspeed on the entity list for months, but the Commerce Department, which holds final authority, did not act.
Megaspeed is currently under Justice Department investigation for allegedly shipping $7.5 billion in Nvidia chips to China through a Malaysian subsidiary called Speedmatric. The company is linked to Alice Huang, a suspected Chinese spy who reportedly had an affair with former Nvidia CEO Jensen Huang.
Lutnick faces accusations of protecting Nvidia due to financial ties, as his former firm, Cantor Fitzgerald, held $1.2 billion in Nvidia stock. While Lutnick has argued that strict regulations could escalate trade wars, lawmakers from both parties are demanding accountability. Lutnick is scheduled to testify before the Senate Banking Committee on December 10, and White House officials are reportedly considering his removal from office.
