A top banking CEO from Europe warned that his clients are starting to feel the impact from global trade tariffs, with production lines being changed and profit warnings being issued.

"We see clients looking to reorganize their value chains. We are making sure that either they are not caught by higher tariffs or moving their production or basically rerouting value chains through which they make their products," Ralph Hamers, the chief executive officer of Dutch bank ING told Annette Weisbach on the sidelines of the Handelsblatt banking conference in Frankfurt.

Hamers added that some customers have indicated their sales will go down, their costs will increase and therefore their products may not be as competitive.

"It is very clear that a trade war is not good for producer confidence to invest and for consumer confidence to consume. It already has (had) a negative impact on economic growth."

Businesses around the world have been nervous as the current trade spat progresses. Last week, the U.S. and China slapped tariffs on $16 billion worth of goods on each other. Both countries also imposed tit-for-tat levies on $34 billion worth of goods in July.

Market watchers are now eyeing a fresh round of U.S. tariffs on $200 billion worth of Chinese goods expected later this year.