Bessent puts Megaspeed heat on Lutnick: "Commerce has the pen"
Summary
Treasury Secretary Scott Bessent said Treasury and several other U.S. departments supported placing Singapore-based Megaspeed on a national security-related entity list. He said the Commerce Department controls the decision, amid scrutiny of Commerce Secretary Howard Lutnick over the department’s handling of the matter.Key Facts
- Bessent discussed Megaspeed in a CNBC interview on Friday.
- Bessent said Treasury, the War Department, the Office of the U.S. Trade Representative and the State Department had supported listing Megaspeed for months.
- Bessent said the Commerce Department has authority over the listing process.
- Megaspeed is a Singapore-based technology company.
- The company has been accused of illegally diverting U.S. chips to China.
- The U.S. has identified Alice Huang, an executive at Megaspeed, as a suspected Chinese intelligence asset.
- Jensen Huang, Nvidia’s former CEO, acknowledged having an affair with Alice Huang.
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