THE APEX TIMES
Bessent told CNBC that the Trump administration’s stalled effort to place Megaspeed on a U.S. trade blacklist was driven by internal jurisdiction, with Commerce Department authorities having the deciding power.
Treasury Secretary Scott Bessent said the Trump administration pushed to put Megaspeed, described as a customer of Nvidia, on a U.S. trade blacklist tied to national security concerns, but he faulted the Commerce Department for not moving forward. Bessent addressed the dispute in remarks reported Friday by CNBC after questioning about who was responsible for the failure to complete the designation process, according to The Hill.
In the reported exchange, Bessent said multiple agencies were involved in the effort, including Treasury, the Department of War, the Office of the U.S. Trade Representative, and the State Department. When pressed on accountability, he pointed to Commerce as the lead authority, saying, “Commerce has the pen,” reflecting his view that Commerce held the institutional role needed to finalize the blacklist action.
The dispute comes amid broader scrutiny over U.S. government controls on advanced chips and related technology, where interagency coordination can determine whether a company is designated for restrictions. Trade blacklist actions, when pursued, can affect whether specific entities are subject to enhanced review or barred from certain transactions involving U.S.-origin products, depending on the legal mechanism used.
Bessent’s comments were framed around the administration’s internal process for decisions affecting a company he said Treasury wanted to blacklist. The Hill’s report characterizes the matter as a disagreement about which department had the final decision authority, rather than a disagreement about the underlying national security concern itself.
Other outlets also reported on the dispute, echoing the central theme that Commerce Department authority, rather than Treasury, was the decisive factor. The reporting also suggests the dispute is tied to the administration’s handling of a case involving Nvidia customer Megaspeed and its relationship to national security review.
The Hill reported the timing as occurring during Friday’s questioning, with Bessent describing who he said was involved and reiterating that Commerce had the “pen.” The underlying question for the administration, according to the reporting, is why an action Treasury sought did not occur, and which office’s authority prevented the designation from being completed.
No White House order, Commerce Department action, or formal interagency document was cited in the reporting provided for this story, and additional details on the specific legal authority used for any blacklist determination were not included in the supplied accounts. The practical next step depends on whether Commerce will act on the matter through whatever process applies to the relevant designation and whether Treasury and partner agencies continue pressing for the restriction.
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