EMERGING MARKETS-Trump's latest tariff salvo hits Asia FX, with Vietnam dong near record lows

Updates as of 0651 GMT

By Rishav Chatterjee and Rajasik Mukherjee

Feb 11 (Reuters) - Vietnam's currency came within touching distance of its all-time low on Tuesday, pressured along with other Asian currencies by the dollar's strength as U.S. President Donald Trump continues to ratchet up the pressure on global trade.

Trump raised tariffs on steel and aluminium imports on Monday and plans to announce reciprocal tariffs over the next two days on all countries that impose duties on U.S. goods, risking a multi-front trade war and firming the dollar. USD

While Vietnamese stocks gained .VNI 0.3%, the dong VND= fell as much as 0.5% to 25,498 per dollar, just shy of the 25,550 record low from December 31.

The country -- among the world's most trade-dependent countries -- recently warned that exports, which are about 90% of its economic output, may face major impacts this year, especially from U.S. tariffs and tax policies.

Its trade surplus with the U.S. is the third highest globally, trailing only China and Mexico.

"The fluidity of the U.S.-China situation could also mean there could be more two-way trades for the yuan as well as for the dong," Maybank analysts said.

Among other currencies, the Philippine peso PHP= was 0.1% lower and the Indonesian rupiah IDR= was down 0.2%.

The Thai baht THB=TH fell 0.7%, likely also pressured by "some oil-buying flows," according to Poon Panichpibool, market strategist at Krung Thai Bank.

The biggest exception was the Indian rupee INR=, which jumped 0.7%, aided by the central bank's heavy-handed intervention. INR/

Stock markets in the region were mostly mixed ahead of U.S. inflation data later this week. Federal Reserve Chair Jerome Powell's semiannual monetary policy testimony later in the day will be monitored for comments on tariffs and inflation.

The Philippine equity index .PSI fell 0.9%, while Indian shares .NSEI dropped 0.5%.

Equities in Indonesia .JKSE sank as much as 1.8% to their lowest since May 2022 as mining stocks came under pressure after new regulations introduced by the government. Adaro Minerals ADMR.JK fell 4.1%.

The Malaysian markets were closed for a holiday. In Japan, the stock market was closed.

HIGHLIGHTS:

Philippine central bank to cut rates on Thursday

Asian buyers look to step up US LNG imports to fend off Trump tariffs