EMERGING MARKETS-FX, stocks rattled after Trump's tariffs unnerve investors globally

Updates with mid-European session trading

By Purvi Agarwal and Marc Jones

Feb 3 (Reuters) - Most emerging market assets plunged on Monday after U.S. President Donald Trump imposed his long-threatened tariffs on top trading partners, fanning fears of a global trade war that sent investors scrambling to some safe-haven assets.

Trump on Saturday ordered sweeping tariffs on Mexican, Canadian and Chinese imports, with a hefty 25% on the U.S. neighbours and a 10% on goods from China, starting Tuesday.

The Mexican peso MXN=, dropped 1.8% to its lowest level in nearly three years. Over 80% of its exports go to the U.S., by far its biggest trading partner.

Mexico and Canada immediately announced retaliatory tariffs, while China said it would challenge the order at the World Trade Organization.

"I think the repercussions could be far worse than the market is expecting. There are probably no safe havens," said Seaport Global EM credit analyst Himanshu Porwal.

Investors will keep an eye out for further clues from Trump's call with the Canadian and Mexican leaders later in the day.

"If tariffs last for a longer period of time, that could lead to higher inflationary pressure... that scenario ... could suck up some optimism from emerging markets," said Kelvin Wong, senior market analyst at OANDA.

Elsewhere, South African assets slumped after Trump said he would cut off funding for the country.

The rand ZAR= was last down 1.2%, while the benchmark 2030 government bond ZAR2030= tumbled and the yield rose 16.5 basis points to 9.22%. Its main stock index .JTOPI lost 0.8%.

Trump's "friendly" talks with China had earlier provided some relief as investors believed the U.S. could take a softer approach to tariffs.

However, the Feb. 1 move sparked worries of a global trade war, with investors globally selling stocks and the U.S. dollar rising against most global currencies.

The offshore yuan CNH=D3 pared some losses after touching a record low of 7.3765 to the dollar, while Hong Kong stocks .HSI closed nearly flat, after touching an over one week-low.

Dollar bonds issued in emerging market economies such as Egypt, Jordan and Kenya, also slipped.

MSCI's index tracking global EM currencies .MIEM00000CUS fell 0.5% to levels last seen two weeks ago, while the stocks gauge .MSCIEF fell 1.8%. Mainland Chinese markets were closed for a holiday.

Emerging Europe currencies weakened against the euro, with the Polish zloty EURPLN= declining 0.6%. The Czech crown EURCZK= and the Hungarian forint EURHUF= also dipped 0.3% each.

Regional stock indexes were broadly in the red, with ones in Poland .WIG20 and Hungary .BUX down 2.1% and 0.8%, respectively.

The Turkish lira TRYTOM=D3 weakened 0.3% to a record low against the dollar. Data showed monthly inflation rate climbed more than expected in January.

HIGHLIGHTS:

** Trump says Americans may feel 'pain' in trade war with Mexico, Canada, China

** China to propose restoring 2020 'Phase 1' trade deal with US, WSJ reports

** India budget opts for economic sugar rush over reform

For TOP NEWS across emerging markets nTOPEMRG

For CENTRAL EUROPE market report, see CEE/

For TURKISH market report, see .IS

For RUSSIAN market report, see RU/RUB

(Reporting by Purvi Agarwal in Bengaluru; Editing by Varun H K and Shinjini Ganguli)

((Purvi.Agarwal@thomsonreuters.com;))