Investing.com -- U.S. Treasury Secretary Scott Bessent said on Wednesday that there are no national security concerns regarding Nvidia chips in China..

Bessent, speaking to Bloomberg, emphasized that the U.S. does not want the world standard for chips to be Chinese, as he defended the Trump administration's decision to allow shipments of Nvidia and AMD's chips to China, provided that the companies pay a 15% tax to the U.S. government. He added that this approach could serve as a model for other industries.

When questioned about potential government control of private businesses, Bessent firmly responded "not at all," suggesting the administration aims to maintain a balance between national interests and private sector autonomy.

Still, on the broader semiconductor strategy, the Treasury Secretary clarified that "we don't want to sell everything to everybody," indicating that approach to technology exports will remain selective.

Bessent also noted that revenue generated from semiconductor sales would be directed toward reducing U.S. debt.

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Bessent: no security concerns with Nvidia chips in China, revenue will pay debt

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