(Updates prices to late afternoon)

*

Wall Street dips as Powell says no decision made on Sept

rate

cut

*

Fed keeps rates steady notes moderating growth

*

Trump announces 50% tariffs on Brazil, 25% tariff for

India

*

Copper falls with Trump imposing universal tariffs

By Sinéad Carew and Samuel Indyk

NEW YORK/ LONDON, July 30 (Reuters) - Equities lost

ground on Wednesday while the U.S. dollar extended gains after

the Federal Reserve kept rates unchanged and said there was no

decision made about a widely expected cut in September.

The Fed's latest statement on rates

gave little indication of when borrowing costs might be

lowered

and the decision to hold them steady drew dissents from two

of the U.S. central bank's governors, both appointees of

President

Donald Trump

who agree with him that monetary policy is too tight.

While the equity market reaction to the Fed's statement was

muted, stocks lost ground sharply during a press conference when

the Fed Chair Jerome Powell said it is too soon to decide

whether or not the central bank will cut rates in September as

it will examine economic information in the run-up to its next

gathering.

"I don't think there's anything in the statement that was

not as expected. You had rates remaining unchanged and they

cited disparate things in the data in terms of and pushes and

pulls on inflation and a bit of moderation in economic

activity," said Tony Welch, chief investment officer at

SignatureFD in Atlanta. "At least they are now noting that there

has been some moderation so that's a little bit of a change. And

you had a couple of dissents, which was broadly expected as

well."

On Wall Street at 3:17 p.m. ET (1917 GMT), the Dow Jones

Industrial Average fell 299.43 points, or 0.67%, to

44,333.56, the S&P 500 fell 22.48 points, or 0.35%, to

6,348.38 and the Nasdaq Composite fell 21.70 points, or

0.08%, to 21,076.59.

MSCI's gauge of stocks across the globe

fell 4.03 points

, or

0.43

%, to

931.77

.

Earlier the pan-European

STOXX

600 index had closed down 0.02%.

In the government bond market, U.S. Treasury yields added to

gains as Powell spoke. The yield on benchmark U.S. 10-year

notes rose 4.4 basis points to 4.372%, from 4.328%

late on Tuesday. The 2-year note yield, which

typically moves in step with interest rate expectations for the

Federal Reserve, rose 5.9 basis points to 3.935%, from 3.875%.

In currencies, the dollar advanced further as Powell spoke. The

dollar index, which measures the greenback against a

basket of currencies including the yen and the euro,

rose 0.92% to 99.80.

The euro was down 1.03% at $1.1427 and the Canadian

dollar weakened 0.44% versus the greenback to C$1.38 per

dollar.

Against the Japanese yen, the dollar strengthened 0.55%

to 149.26, while it strengthened 0.92% to 0.813 against the

Swiss franc.

Oil prices climbed more than 1% as investors awaited

developments on Trump's tighter deadline for Russia to end the

war in Ukraine and his tariff threats to countries that trade

its oil.

U.S. crude futures settled up 1.14%, or 79 cents at

$70 a barrel and Brent closed at $73.24 per barrel, up

1.01% or 73 cents on the day.

Elsewhere in commodities, gold prices fell after the solid U.S.

economic data and the Fed statement.

Spot gold fell 1.54% to $3,275.22 an ounce. U.S. gold

futures fell 1.4% to $3,277.30 an ounce.

Copper declined 0.69% to $9,730.00 a tonne.

Meanwhile on the trade front, Trump was busy on Wednesday,

signing an order for 50% tariffs on certain

copper products

as of August 1. He also signed an order for tariffs

totaling 50% for U.S. imports from Brazil.

Earlier, he had announced a

25% tariff on U.S. imports from India

starting also on August 1. This was after talks between

the U.S. and China

concluded on Tuesday without any major breakthroughs.

Data earlier in the day showed U.S. economic growth

rebounded more than expected in the second quarter, but that

grossly overstated the economy's health as declining imports

accounted for the bulk of the improvement and domestic demand

rose at its slowest pace in 2-1/2 years.

And on the labor side, U.S. private payrolls increased more

than expected in July, according to the ADP National Employment

Report. Private payrolls rose by 104,000 jobs last month after a

revised 23,000 decline in June. Economists polled by Reuters had

forecast private employment increasing 75,000 following a

previously reported drop of 33,000 in June.