In December 2019, the U.S. national debt was $23 trillion.Of this, 29% was held by foreign investors and governments.

Which 2 foreign countries are the largest holders of U.S. Treasuries?

What would happen if their demand for Treasuries declined?

What would happen if they engaged in a mass sell-off?Consider the impact on interest rates and on the value of outstanding Treasuries as well as the economies of both the foreign countries and the U.S.