Treasury Secretary Scott Bessent has a clear destination for questions about why Nvidia customer Megaspeed hadn’t been put on a U.S. trade blacklist: Howard Lutnick’s Commerce Department. Speaking on CNBC’s “Squawk Box” on November 13, 2026, Bessent said four agencies had supported listing the company for months. Source
Treasury, the Pentagon, the State Department and the U.S. Trade Representative’s Office all favored the move, Bessent said, according to Reuters. “But Commerce has the pen,” he added. “You will have to ask them about their internal processes.” Source
That’s a fairly pointed way to tell a Cabinet colleague to take the next question.
What listing Megaspeed would mean
Megaspeed is a Singapore-based Nvidia customer accused of diverting restricted chips to China. The company has denied the diversion allegations, The Next Web reported. Source
Commerce’s Entity List restricts listed companies’ access to U.S. technology products on national-security or foreign-policy grounds. It isn’t a blanket ban on every kind of business. Megaspeed was still off the list when The Next Web reported on Bessent’s remarks. Source Source
Commerce did not immediately respond to Reuters’ request for comment. Source
Bessent wants existing powers put to work
Bessent also questioned Nvidia’s customer checks: whether it knew its client and had done enough to prevent chip “leakage.” He called for accountability at the company. Source
Senate Banking Committee Chairman Tim Scott asked Lutnick to testify on November 12, Reuters reported. Source
But asked whether Congress needed to act on export controls, Bessent argued that the administration already had sufficient powers: “We have all the authorities that we need. They just need to be implemented.” Source
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