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As President Donald Trump announced that he will pull the US out of the

As China has entered a new phase of economic development, with focus on quality rather than quantity, Covestro's products and solutions fit in, said Michael Friede, global head of the company's coatings, adhesives and specialties segment.

Around 85 percent of the toys sold in the US are manufactured in China. Major players, such as Hasbro and El Segundo, California-based Mattel, will bear less of a tariff burden then the rest of the industry because only two-thirds of their products are manufactured in China. For many smaller companies, however, almost all of their products are made in China, Weiser said.

Architects from both countries are now working together to better integrate their building codes and to reach a consensus on designs for residential housing, public works, factories and warehouses. It will be much easier for the designs to obtain regulatory approval in Belarus, said Su Lei, CEO of the joint Chinese-Belarusian design institute.

Arunava Das in Kolkata contributed to this story.