(Updates with mid-morning market prices, analyst comments)

By Brigid Riley

TOKYO, Feb 10 (Reuters) - Japan's Nikkei share average

was nearly flat in morning trade on Monday, as investors weighed

tariff risks and losses across all three U.S. stock indexes last

week dragged on investor sentiment.

The Nikkei was flat at 38,792.60, as of 0149 GMT,

while the broader Topix fell 0.2%.

Amid news that U.S. President Donald Trump will announce new

25% tariffs on all U.S. steel and aluminium imports on Monday,

Japanese steel makers fell around 1%.

Nippon Steel ( NISTF ) was down 1.6%.

The latest tariff threats come after Japanese Prime Minister

Shigeru Ishiba met with Trump in his first White House summit on

Friday.

While the details of steel tariffs have yet to be made

clear, the meeting between Ishiba and Trump came off well, said

Hiroshi Namioka, chief strategist at T&D Asset Management.

"When looking at the global picture, I believe Japan is in

quite a good position."

No tariffs specifically targeting Japan have been announced,

and while Trump pressed Ishiba to close Japan's annual trade

surplus with Washington, he expressed optimism this could be

done quickly.

On Sunday, Ishiba identified liquefied natural gas, steel,

AI and autos as areas that Japanese companies could invest in.

Among heavyweights, Tokyo Electron ( TOELF ), TDK Corp ( TTDKF )

, and Shin-etsu Chemical ( SHECF ) gained, while Fast

Retailing ( FRCOF ) declined.