Report: Lutnick Delays Nvidia China Chip Curbs

Treasury Secretary Scott Bessent publicly blamed Commerce Secretary Howard Lutnick’s department for delaying efforts to add Singapore-based Megaspeed International to the U.S. Entity List, saying Treasury and several other agencies had supported restrictions for months, while Commerce had authority to act. Megaspeed is under scrutiny over allegations it helped divert advanced Nvidia AI chips to China, which the company denies. Bessent declined to confirm reports that he confronted Lutnick, and Commerce denied the reported exchange; earlier reports said President Donald Trump had approved a crackdown and Lutnick warned restrictions could provoke a trade conflict with Beijing. The dispute has drawn calls from lawmakers for answers and investigations, and the scope of any restrictions could affect Nvidia shipments and sales. Nvidia co-founder Jensen Huang has resigned amid a separate personal scandal tied to a Megaspeed executive.