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Bessent said Commerce controlled the decision on listing Megaspeed as Lutnick agreed to testify to the Senate.
Treasury Secretary Scott Bessent said several agencies had backed placing Singapore-based Megaspeed on a U.S. trade or export-control list, while the Commerce Department had authority over the decision. Howard Lutnick agreed to testify before the Senate Banking Committee as lawmakers scrutinized chip export controls and the department’s handling of Megaspeed.
What the reports agree on
- Bessent said several U.S. agencies supported adding Megaspeed to a U.S. list, while the Commerce Department controlled the decision. Axios, CBS News, The Hill, Newsweek and 2 more
- Lutnick agreed to testify voluntarily before the Senate Banking Committee. The Hill, CBS News, ABC News
- Lawmakers were scrutinizing export controls on advanced chips and the Commerce Department’s handling of them. Al Jazeera, The Hill, CBS News, ABC News
Where reports differ
- CBS News reported that Lutnick agreed to testify on Dec. 10; ABC News said no date had been set, while Al Jazeera reported that Scott requested a public hearing with Lutnick on Dec. 3. CBS News
- Al Jazeera reported that Scott requested a public Senate hearing with Huang and Lutnick for Dec. 3 and that Scott said they could face subpoenas if they did not appear. Al Jazeera
Reported by one outlet
- Al Jazeera reported that Nvidia’s market value fell below $4 trillion for the first time since July 2025. Al Jazeera
- Newsweek reported that senior White House officials had discussed whether to remove Lutnick, while a White House official said Trump remained confident in him. Newsweek
- France24 reported that Reuters had said the administration held off on adding DeepSeek, Chinese memory-chip maker CXMT, and more than 100 other companies to a trade blacklist. France24
- BBC Tech reported that Bessent questioned whether Nvidia properly checked its customers and prevented chip sales through shell companies. BBC Tech
The original reports
- CBS News Bessent upset Lutnick didn't ban Nvidia chip exports to China-linked firm
- ABC News Congressional Republicans push Howard Lutnick, Jensen Huang to testify about Nvidia
- PBS NewsHour Bessent blames Lutnick's Commerce Department for not restricting Nvidia chips to China
- Newsweek Trump's Inner Circle Throws Howard Lutnick Under the Bus
- The Hill Bessent: Treasury pushed to blacklist Megaspeed, but ‘Commerce has the pen’
- CBS News Lutnick agrees to testify as Bessent blames him for chip sales
- BBC Tech Bessent blames Lutnick's Commerce Department for failing to block Megaspeed
- Axios Bessent puts Megaspeed heat on Lutnick: "Commerce has the pen"
- The Hill Lutnick agrees to testify before Congress amid bipartisan concerns
- Al Jazeera Nvidia’s Huang, Lutnick summoned to testify to US Senate
- France24 White House reportedly discussing Howard Lutnick's future as Commerce secretary