EMERGING MARKETS-Latam FX slip, stocks steady as investors weigh some tariff relief

By Johann M Cherian

April 15 (Reuters) - An index tracking currencies of resources-rich Latin American economies slipped on Tuesday, while stocks were little changed as investors cautiously scoured for more clarity on U.S. President Donald Trump's trade policies.

Trump hinted that he could modify existing tariffs he had imposed on the global auto sector, days after announced a 90-day pause on steep tariffs on global economies and said electronics items could see smaller duties.

However, filings showed the U.S. administration was also proceeding with probes into imports of pharmaceuticals and semiconductors, as part of a bid to impose tariffs on the sectors.

His vacillating trade policies have resulted in businesses pausing on investment decisions, while worries that resulting inflation pressures could stall the global economy had sparked a recent rout in stocks, bonds, currencies and commodity markets.

Revenue from commodity exports such as copper, iron ore, crude oil and agricultural products is a key income for Latin American economies.

"Every time there's an emerging market crisis, most parts of emerging markets are impacted and the transmission channel for that stress is commodity prices," said Ajata Mediratta, partner at Greylock Capital Management.

"Emerging market countries almost by definition are commodity exporters. When commodity prices go down in one part of the world, they start producing more and that just transmits stress to producers in other parts of the world."

MSCI'S index tracking Latin American currencies .MILA00000CUS slipped 0.3% against the U.S. dollar. Iron ore exporter Brazil's real BRL= dipped 0.4% and copper exporter Chile's peso CLP= was flat, while crude oil producer Colombia's peso COP= depreciated 1.4%.

A stocks gauge .MILA00000PUS was muted. Shares of Brazilian crude producer Petrobras PETR4.SA, mining giant Vale VALE3.SA were marginally lower, while U.S.-listed shares of Chilean copper producer SQM SQM.N and Argentina's YPF YPFDm.BA lost about 2% each.

In a bright spot, Mexico's peso MXN= firmed 0.57% and was trading at 19.9 against the dollar, while the domestic stock index .MXX edged up 0.1%.

Analysts have said that President Claudia Sheinbaum's continued negotiations with her U.S. counterpart have helped the country avoid the worst in Trump's recent tariff barrage.

Investors were monitoring developments around two separate bilateral agreement between the U.S. and Mexico involving water sharing and tomatoes, which have become the latest issues of contention between the two neighbors.

The U.S. Commerce Department said tomatoes imported from Mexico to the United States will face duties of 20.91% from July 14.

Further, a report said Japan's Honda is looking to relocate some car production to the U.S. to avoid the repercussions of Trump's tariffs. The Mexican economy is heavily dependent on the U.S. as an export market.

Argentina's peso ARS=RASL was flat after Monday's 10% drop as the central bank lifted capital controls and now allows the currency to trade between 1,000 and 1,4000 against the dollar.

The Merval index .MERV lost 2.2% after the previous session's 5% jump, while Brazil's Bovespa index .BVSP dipped 0.1%.

Ecuador's international bonds XS2214237807=TE, XS2214238441=TE added to Monday's gains, up about 3-4 cents on the dollar as investors cheered market-friendly Daniel Noboa's recent presidential win.

Key Latin American stock indexes and currencies at 1459 GMT: