EMERGING MARKETS-Latam FX slips, stocks mixed as investors weigh some tariff reprieve

By Johann M Cherian and Shashwat Chauhan

April 15 (Reuters) - Most Latin American currencies slipped on Tuesday as the dollar found firm footing globally, while stocks were mixed 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 announcing a 90-day pause on steep tariffs on global economies and said electronic 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.

"The motives and agendas underlying Trump's key policies are tangled and contradictory ... this points to high levels of uncertainty," said Grace Fan, managing director at GlobalData TS Lombard.

Trump's 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.

"Latin America generally got off lightly on 'liberation day', but the indirect effects on confidence and, more importantly, demand from China could be larger," said Kimberley Sperrfechter, emerging markets economist at Capital Economics.

MSCI's index tracking Latin American currencies .MILA00000CUS slipped 0.7%. In contrast, the dollar index =USD advanced 0.3% after falling for the last three sessions.

Iron ore exporter Brazil's real BRL= dipped 0.6% and copper exporter Chile's peso CLP= weakened 0.5%, while crude oil producer Colombia's peso COP= depreciated 1.3%.

A stocks gauge .MILA00000PUS eased 0.2%. Brazil's local bourse .BVSP edged 0.1% lower as losses in heavyweight energy stocks, including state-run oil firm Petrobras PETR4.SA, weighed.

Stocks in Argentina .MERV slid more than 3% after the previous session's 5% jump, while other regional bourses ticked up.

Argentina's peso ARS=RASL was last at 1,197 after Monday's 10% drop as the central bank lifted capital controls and now allows the currency to trade between 1,000 and 1,400 against the dollar.

Investors were also monitoring developments around two separate bilateral agreements 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.

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: