CORRECTED-EMERGING MARKETS-Latam FX, stocks mixed as markets take in Trump's new tariffs

By Purvi Agarwal

July 14 (Reuters) - Latin American currencies were mixed 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.

Exports to the U.S. count for more than 80% of Mexico's total exports, making it one of the top trading partners of its northern neighbor and vulnerable to the tariffs.

The Mexican peso MXN= fell 0.6% against the greenback. International bonds in the country edged lower, with most down less than 1 cent to the dollar.

"It's not clear how seriously we should take the threat. Mexico has faced more tariff warnings than most this year, yet has emerged relatively unscathed," said Kimberley Sperrfechter, emerging markets economist at Capital Economics.

Sperrfechter added that even if tariffs came into place, as long as USMCA (the existing free trade agreement)-compliant goods and electronics were exempted, the impact on Mexico would be limited.

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

However, emerging markets came into Trump's crosshairs last week, with sweeping duties on Asian economies, Brazil, and copper imports that could impact resource-heavy economies such as Chile.

The Latam currency index .MILA00000CUS fell about 1.8% last week, in its steepest decline since February. On the day, it was little changed.

Most other currencies were also lower, with the Chilean peso CLP= down 0.9%, the most among peers. It was trading around its lowest levels since April 21 in its fourth session of declines, amplified by sliding copper prices.

On the flip side, Brazil's real BRL= gained 0.1%, while Argentina's peso ARS= was up 0.2%, helping offset declines.

Central bank data showed Brazil's economic activity unexpectedly fell in May, while Argentina awaited an inflation report.

MSCI's regional equities gauge .MLA00000PUS was 0.4% lower. Stocks were mixed with ones in Brazil .BVSP and Mexico .MXX down 0.6% and 0.4% respectively, while ones in Colombia .COLCAP were up 0.4%.

Elsewhere in EMs, markets awaited Trump's "major announcement" on Russia, while Ukraine President Volodymyr Zelenskiy discussed air defences and arms purchases with U.S. special envoy Keith Kellogg.

This follows Trump's announcement to send Patriot missiles to Ukraine. Bonds in the country were broadly higher, with 2035 XS2895057177=TE and 2036 XS2895057334=TE bonds that were restructured last year up as much as 0.7 cents on the dollar, close to 5-week highs.

Russia's rouble RUB= weakened 0.2% against the dollar, paring some earlier declines, over-the-counter market data showed.

Key Latin American stock indexes and currencies: