Bessent vs. Lutnick: Trump Officials Clash Over Nvidia China Chip Probe

Treasury Secretary Scott Bessent turned to Commerce Secretary Howard Lutnick in the White House Situation Room on Nov. 5 with one question. Why was Megaspeed, an Nvidia customer accused of smuggling US chips to China, not blacklisted? Lutnick said he didn’t know, according to Axios. His department has not blacklisted anyone in 13 months. Nvidia, meanwhile, has shed about $700 billion in market value in November. America’s Chip Blacklist Has Not Grown Since October 2025 The blacklist is the Entity List. Companies on it cannot buy American technology without a license, and licenses are usually refused. The last name went on it on October 9, 2025, by a Yahoo Finance count . More than 100 others are waiting, including Chinese AI lab DeepSeek. A review panel approved them.

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