U.S. Commerce Secretary Howard Lutnick reportedly held back proposed restrictions floated by Donald Trump on sales of Nvidia chips to China following discussions in the Oval Office. The pause comes amid internal tensions over Megaspeed, a Singapore-based buyer accused of purchasing more than $4.8 billion worth of Nvidia hardware since mid-2024 and funneling it into China. On November 5-6, 2026, Treasury Secretary Scott Bessent reportedly confronted Lutnick over the company’s absence from the Commerce Department’s Entity List, a blacklist that has not been updated since October 2025. Nvidia’s market capitalization has shed an estimated $700 billion as of mid-November 2026, reflecting concerns about U.S.-China trade relations and enforcement of chip export controls. Lutnick has until December 1, 2026, to answer Democratic lawmakers demanding accountability for the administration’s advanced-chip export policy.
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