Bessent blames Lutnick's Commerce Department for failure to block Megaspeed

Bessent has accused Lutnick's Commerce Department of not preventing Megaspeed, while Jensen Huang has been called to appear before the Senate Banking Committee over his relationship with a former Megaspeed executive who is alleged to be a Chinese spy. The Commerce Secretary is also due to testify before the same committee in December.

Republican Senator Tim Scott, who chairs the committee, wrote on X that recent reports raise serious concerns about national security and the protection of sensitive US technology. Democrats on several key congressional committees have asked the Commerce Department and Lutnick to preserve all documents concerning the decision to let Nvidia sell its advanced AI chips to Chinese firms, including any communications involving Nvidia and Jensen Huang. Ways and Means Committee ranking member Richard E.

Neal and Senate Finance Committee ranking member Ron Wyden have launched investigations into how Nvidia was permitted to market the chips. Neal and Wyden say Nvidia's H200 chips could reach Chinese companies after being imported from Taiwan for inspection in the United States, and that a 25% tariff was applied under a Trade Act provision intended to let the president act against imports that threaten national security. They added, "Trump's use of the statute appears to have done the opposite, undermining US national security and putting Americans at risk."