US Treasury Secretary Scott Bessent has blamed the Commerce Department for failing to add Singapore-based Megaspeed to a trade blacklist, amid suspicions that the company helped Chinese firms circumvent US controls on Nvidia chip exports.
Speaking to CNBC on Friday, Bessent said Treasury, the Defense Department, the State Department and the US Trade Representative’s office had backed listing Megaspeed for months, AFP reported. “But Commerce has the pen,” he said, adding that the department should be asked about its internal processes.
The company is suspected of buying Nvidia chips for data centres in Southeast Asia and routing them to China. Bessent said he was frustrated by reported chip leakage, saying President Donald Trump had made clear that China should not receive Nvidia chips above H100s.
The criticism comes as Commerce Secretary Howard Lutnick faces congressional scrutiny. He is scheduled to testify before Congress next month, The Guardian reported. A spokesperson for Lutnick told NBC News that he had agreed to appear voluntarily before the Senate Banking Committee.
Bessent also questioned whether Nvidia had adequately checked its customers and worked to prevent chips from being diverted. His remarks followed the resignation of Nvidia chief executive Jensen Huang.
