Bessent criticises Commerce over delays on Nvidia chip export controls

Summarised from 2 outlets · Updated 13 Nov, 16:32 · Archive

Treasury Secretary Scott Bessent says he was frustrated with the Commerce Department's delay in implementing controls over Nvidia chip exports to China.

Treasury Secretary Scott Bessent made an unusually public rebuke of Commerce Secretary Howard Lutnick on Friday, saying he was frustrated with delays in implementing export controls on certain Nvidia chips destined for China. Bessent said on CNBC that his department, along with the departments of State and Defense and the U.S. Trade Representative, had supported adding Megaspeed International to an export control list for months. The Commerce Department, which oversees U.S. controls on exports of sensitive, high-tech goods, had not acted on the recommendation. "I am frustrated when President Trump made it very clear China should not receive any Nvidia chips above H100s," Bessent said. "Commerce has the pen, and you will have to ask them about their internal processes."

Lutnick has come under scrutiny because of his reportedly close relationship with Nvidia CEO Jensen Huang. The New York Times reported that Lutnick resisted placing greater limits on the sale of Nvidia's more advanced chips to China. Chinese firms have accessed Nvidia's chips through companies like Megaspeed, a Singapore-based firm that partners with Nvidia. Huang resigned Thursday after news of an affair with a former Megaspeed executive. The Commerce Department did not immediately respond to requests for comment.

How it is being reported

• Bessent blames Commerce's Lutnick for not restricting Nvidia chip exports to ChinaTreasury Secretary Scott Bessent says he was frustrated with the Commerce Department’s delay implementing controls over the export of certain Nvidia chips to China.News4Jax · 13 Nov, 15:54
• Bessent blames Commerce's Lutnick for not restricting Nvidia chip exports to ChinaTreasury Secretary Scott Bessent says he was frustrated with the Commerce Department’s delay implementing controls over the export of certain Nvidia chips to China.Clickorlando · 13 Nov, 15:54

In this story: Scott Bessent · Howard Lutnick · Jensen Huang · Nvidia · Megaspeed International · Commerce Department · China

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