EMERGING MARKETS-FX, stocks steady even as Trump ramps up tariff threats; Russia in focus

By Purvi Agarwal

July 14 (Reuters) - Most emerging market currencies were largely range-bound on Monday, after logging weekly declines in the last session, while investors remained on edge with U.S. President Donald Trump's tariff tactics.

Over the weekend, Trump upped his tariff salvo, threatening a 30% levy on imports from Mexico and the European Union, both of which are locked in negotiations with the U.S. for a trade deal. They expect to reach an agreement with the world's biggest economy before Trump's deadline of August 1.

The Mexican peso MXN=, which trades around the clock, fell 0.2% against the greenback, while its international bonds were little changed.

"The US stance can be construed as 'maximum pressure' tactics, but also as exhibiting a petulant impatience that rides over the fact that trade deals are complex and take a lot more time than a few months," said Marc Ostwald, chief economist, ADM Investor Services.

"It should serve to remind 'risk hungry' financial markets that dismissing tail risks is hardly wise."

Markets have been taking U.S. tariff attacks in its stride, betting on Trump's back-and-forth stance on tariffs, and more trade agreements ahead of the deadline.

Emerging markets came under Trump's crosshairs last week, with sweeping duties on Asian economies, Brazil, and copper imports that could impact resource-heavy economies such as Chile. Still, the MSCI global EM currency index .MIEM00000CUS logged a fall of less than 1% last week. On the day, it was down 0.1%.

Russia's rouble RUB= edged 0.5% lower against the dollar, over the counter market data showed. Investors were awaiting Trump's "major statement" on Russia, with analysts expecting more volatility in the forex market.

The U.S. president's Ukraine envoy Keith Kellogg arrived in Kyiv on Monday to discuss security and sanctions against Russia, following a weekend report that Trump is expected to announce an 'aggressive' weapons plan for Ukraine.

Emerging Europe currencies were little changed against the euro, with the most significant being a 0.1% decline in the Hungarian forint EURHUF=.

Turkey's lira TRYTOM=D3 was flat against the dollar. Israel's shekel ILS=, however, weakened 1%, set for its sharpest decline in a month. Trump said that he hopes for a Gaza deal within a week, even as the talks faltered over withdrawal.

In Africa, South Africa's rand ZAR= gained 0.3%.

Emerging market stocks were largely flat, with MSCI's index .MSCIEF down 0.1%. Ones in Romania .BETI gained 0.4%, while ones in Hungary .BUX were down 0.2%.

Turkish stocks .XU100 were off 0.9%, while ones in South Africa .JTOPI were up 0.1%.

Gains in Asian stocks also helped offset declines, with ones in Indonesia .JKSE hitting a near four-week high and ones in Singapore .STI at a record high.

HIGHLIGHTS:

** China's exporters rush to beat Trump's next big tariff deadline

** Thailand considering offering zero tariffs on more U.S. imports, finance minister says

** EU, Indonesia strike political agreement to advance free trade deal

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For CENTRAL EUROPE market report, see CEE/

For TURKISH market report, see .IS

For RUSSIAN market report, see RU/RUB