By Jeffrey T. Lewis 

BUENOS AIRES -- U.S. Treasury Secretary Steven Mnuchin said he "wouldn't minimize" the possibility that the U.S. will impose tariffs on all $500 billion worth of goods that the U.S. imports from China, amplifying a threat President Donald Trump made in a television interview earlier in the week.

Mr. Mnuchin was speaking ahead of a meeting among G-20 finance ministers and central bankers here.

While he echoed the president on China, the Treasury secretary also played down comments Mr. Trump made earlier in the week about the Federal Reserve and currency markets. Mr. Trump said in a tweet and in a television interview he wasn't happy that the Fed is raising short-term interest rates, which he said is undermining administration efforts to rev up U.S. economic growth. It was unusual because the White House usually refrains from commenting on monetary policy.

Mr. Mnuchin said he and the president still "fully" supported Fed independence. He also said the U.S. isn't trying to interfere in foreign-exchange markets after Mr. Trump accused China and the European Union of manipulating their currencies to make their economies more competitive.

The president has threatened tariffs on $500 billion in Chinese imports before. On July 6 on Air Force One, the president told reporters tariffs could eventually hit $550 billion in imports from China.

When asked during Friday's CNBC interview, "Will you ever get to 500, though?" Mr. Trump responded that he is "ready to go to 500," referring to the approximate dollar value of Chinese goods exported to the U.S. last year.

"I'm doing this to do the right thing for our country. We have been ripped off by China for a long time," he said.

Earlier this month, the U.S. imposed levies on $34 billion of Chinese exports of machinery, components and electronics. Also scheduled are tariffs on $16 billion of Chinese electronics and other components.

The U.S. has identified a further $200 billion in Chinese goods the U.S. may target for tariffs, for a total of $250 billion. Anything further, Mr. Trump has said, depends on the extent to which China retaliates.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

July 21, 2018 09:18 ET (13:18 GMT)