South Korean shares slide 3% on tariff and tax woes

• KOSPI falls, foreigners net sellers
• Korean won weakens against dollar
• South Korea benchmark bond yield rises

SEOUL, Aug 1 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares dropped 3% on Friday and were on track for their biggest fall in nearly four months, as the United States announced new tariffs on dozens of trading partners and domestic tax code revisions reduced hopes for market reforms.

** The benchmark KOSPI .KS11 was down 99.78 points, or 3.07%, at 3,145.66, as of 0129 GMT, set to post its biggest daily percentage fall since April 7.

** U.S. President Donald Trump signed an executive order on Thursday imposing reciprocal tariffs on U.S. imports from dozens of countries, including a 15% tariff on South Korea, lower than a threatened 25% but higher than the current 10%.

** South Korea's government put forward plans on Thursday to roll back recently imposed tax cuts, such as those on corporate income and stock investments.

** "It could have a critical impact on the sincerity of the administration's policy to revitalise the stock market and resolve the Korea Discount," said Han Ji-young, an analyst at Kiwoom Securities.

** Meanwhile, South Korea's exports rose for the second straight month in July on strong chip demand and shipments being moved forward ahead of higher U.S. tariffs.

** Among index heavyweights, chipmaker Samsung Electronics 005930.KS fell 1.40%, while peer SK Hynix 000660.KS lost 5.12%. Battery maker LG Energy Solution 373220.KS slid 1.05%.

** Hyundai Motor 005380.KS and sister automaker Kia Corp 000270.KS were little changed, while Steelmaker POSCO Holdings 005490.KS shed 4.38%.

** Securities firms .KS53 plunged 5.08%, while financial groups .KS49 fell 3.86%.

** Of the total 932 traded issues, only 36 shares advanced, while 880 declined.

** Foreigners were net sellers of shares worth 317.8 billion won ($227.06 million).

** The won was quoted at 1,397.5 per dollar on the onshore settlement platform KRW=KFTC, 0.39% lower than its previous close at 1,392.0.

** The most liquid three-year Korean treasury bond yield KR3YT=RR rose by 1.0 basis point to 2.473%, while the benchmark 10-year yield KR10YT=RR rose by 2.3 basis points to 2.813%.

($1 = 1,399.6000 won)