China selling U.S. Treasurys in retaliation over trade would be costly, Treasury Secretary Steven Mnuchin told CNBC on Friday.
Mnuchin joined "Squawk Box" from Bali, Indonesia, where the International Monetary Fund and the World Bank were holding their annual meetings.
This is a breaking news story. Check back shortly for updates.
Top White House economic advisor Larry Kudlow told CNBC on Thursday the White House was working on a meeting between President Donald Trump and Chinese President Xi Jinping at next month's G-20 summit in Argentina.
The leaders of the world's two largest economies will be getting together at a time when Washington and Beijing are locked in a trade war that's seen each side imposing imports tariffs.
Most recently, the U.S. levied duties on $200 billion worth of goods from China, prompting Beijing to put tariffs on $60 billion worth of U.S. goods.
The Trump administration launched its tariffs campaign in the spring to try to get China to change what the U.S. feels are unfair trade practices and theft of intellectual property.
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