Globalization is being reset by US President-elect Donald Trump's trade tariff threats and worries about regulatory arbitrage between Wall Street banks and their international rivals, senior bankers said on Tuesday, Reuters reports.

Trump said last month he would impose a 25% tariff on all products from Mexico and Canada, and an additional 10% tariff on goods from China, on the first day of his second term, raising concerns about global trading relationships.

However, Trump's proposed tariffs would not dramatically hurt BBVA's business in Mexico, the Spanish bank's Chief Executive Onur Genc told the FT Global Banking Summit in London.

"We are not at all concerned," Genc said.

"If the labor cost in the US is 100, the cost in Mexico is 10 ... so you're putting 25% tariffs on 10(%)," he said, adding that meant the country would remain competitive.

BBVA is among the most exposed foreign lenders to any shift in Mexico's competitive standing and economic growth following the proposed tariffs, with BBVA Mexico the biggest bank in the market and delivering 47% of the Spanish group's income in 2023.

Trump's proposed tariffs could disrupt supply chains worldwide but also open up opportunities for banks across Asia and the Middle East, Tanuj Kapilashrami, Chief Strategy and Talent Officer at Standard Chartered, said.

Separately, European Central Bank board member Piero Cipollone said US import duties could lower economic growth and inflation in the 20 countries sharing the euro.