US Secretary of the Treasury Janet Yellen heads to China for the second time for four days worth of meetings aimed at strengthening the economic relationship between the United States and China. This comes after President Biden spoke with Chinese President Xi Jinping on a two-hour phone call concerning Taiwan, Congress' proposed TikTok ban, and other topics on Tuesday.

Yahoo Finance Senior Columnist Rick Newman breaks down Secretary Yellen's agenda in China and how her talks with Chinese officials could improve the relationship between the US and China.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Nicholas Jacobino

Video Transcript

SEANA SMITH: US Treasury Secretary Janet Yellen heading to China for the second time for four days of meetings that include conversations with top Chinese economic officials. This coming on the heels of a conversation had earlier this week between President Biden and China's President Xi Jinping, who reconnected via phone. We want to bring Yahoo Finance's Rick Newman, joining us now for what we know so far. Rick.

RICK NEWMAN: Hey, guys. Yeah, a lot of economic issues on the table between the United States and China. I think the main thing is just to keep the economic relationship intact as it is. President Donald Trump, of course, when he was in office, he slapped tariffs on a lot of Chinese imports.

And he wants to go further if he gets elected again. He wants to basically decouple the US and Chinese economies. Biden does not want to go quite that far. But the Biden administration clearly very concerned about this flood of exports that's coming out of China, because they're producing way more than they consume internally in China.

And this includes some high value products now, especially automobiles and electric vehicles, which China is trying to sell throughout the world. So I think Janet Yellen is going to be bringing a message that China needs to be pretty careful about trying to flood global markets with those products.

And President Biden can unilaterally impose new tariffs on some of those products. He doesn't need Congress to do that. And there have been some murmurs in the Biden administration that that could happen if China tries to-- starts trying to undercut the domestic market for electric vehicles and solar panels, and other things like that. Some of that's already happening.

So that's going to be part of the conversation. There's a lot more on the table. We're going to see-- I think we're going to see the Secretary of State going there after Janet Yellen, perhaps talking about the security situation in Taiwan. So, no shortage of things to talk about.