EMERGING MARKETS-S.Korean won slips on US tariff threats; rupiah down

By Nichiket Sunil

Jan 27 (Reuters) - South Korea's won fell on Tuesday after U.S. President Donald Trump said he was raising tariffs on imports of South Korean autos and other goods, while the Indonesian rupiah slipped as concerns over the central bank's independence resurfaced.

The won KRW=KFTC was last down 0.3% at 1,447.9 per dollar, recovering some early losses after South Korea's ruling party said it would work with the opposition to speed up legislation for the enactment of investment in the United States.

A spokesperson for the ruling Democratic Party said any misunderstanding should be cleared up after Trump's announcement that tariffs against South Korean goods would be raised to 25% from 15% due to trade deal delays.

"Whether this is eventually another TACO episode is unclear, but on our end, we still think that the fundamentals suggest actual tariff increases will be slower to come this year," MUFG analyst Michael Wan said in a note, referring to a Wall Street acronym for "Trump always chickens out".

"We think Asia's exports, global growth and by extension risk assets can still do quite well through this year," he said.

In Indonesia, the rupiah IDR= fell 0.2% to 16,800 per dollar in its first drop in five days. The country's parliament approved President Prabowo Subianto's nephew as the new central bank deputy governor, renewing concerns over the central bank's independence.

Worries over the nomination, coupled with concerns over Indonesia's fiscal health, had brought the rupiah to a record low of 16,985 last week. The currency recovered some losses after Bank Indonesia held rates steady and provided currency-stabilisation assurances.

Among other regional currencies, the Thai baht THB=TH edged up 0.2% and the Malaysian ringgit MYR= added 0.3%.

The U.S. dollar languished near four-month lows ahead of a Federal Reserve meeting and possible announcement of a new Fed chairman.

The dollar has been under pressure due to a range of factors, including Washington's desire for a weaker currency, looming U.S. government shutdown and Trump's erratic policymaking.

Meanwhile, the Japanese yen JPY= held firm on talks of rate checks from the United States and Japan, a move often seen as a precursor to intervention.

Regional equities tracked their global peers higher. South Korea's KOSPI .KS11 rose 2% to a record high, reversing earlier losses fuelled by tariff concerns, while Taiwan stocks .TWII touched a fresh peak amid chip-sector optimism. Singapore stocks .STI rose more than 1% to notch a fresh high.

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