LONDON (Reuters) – Globalisation is being “reset”, as U.S. President-elect Donald Trump threatens trade tariffs, a senior Standard Chartered executive told a banking conference in London on Tuesday.
The possibility of such tariffs could disrupt supply chains but also open up opportunities for banks operating across Asia and the Middle East, Tanuj Kapilashrami, Chief Strategy and Talent Officer at Standard Chartered, said.
Kapilashrami was responding to a question at the FT Global Banking Summit about the potential impact on global trade of the tariffs on imports from countries such as China, that Trump has said he would impose.
Separately on Tuesday, European Central Bank board member Piero Cipollone said Trump’s planned import duties could lower economic growth and inflation in the 20 nations sharing the euro.
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 as U.S. president, raising concerns about global trading relationships and roiling markets in stocks, bonds and major world currencies.
(Reporting By Lawrence White, editing by Sinead Cruise)
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