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Xi's visit is of great significance in the complicated and volatile international situation, and it will inject strong impetus into the development of the Russia-China ties in the new era, Putin said.

"In recent years, thanks to the joint construction of Belt and Road, the scope of practical cooperation between our countries is expanding, and the number of joint projects being implemented is increasing, which greatly contributes to improving the Kyrgyz people's quality of life and the level of development of Kyrgyzstan as a whole," the diplomat said.

As a member of the Asian family and a responsible major country of the international community, China will continue to be a builder of world peace, a contributor to global development and a defender of the international order, he said, adding that it will push forward the construction of a new type of international relations and a community with a shared future for mankind.

Tariff hikes "will ripple across the global economy and that will definitely be a drag on growth," said Sarah Hunter, chief economist at Australia's BIS Oxford Economics.