(Updates to afternoon US trading)

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Trump announces 50% tariffs on imported copper

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Aussie dollar rises as RBA keeps rates on hold

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US Treasury yields up

By Caroline Valetkevitch

NEW YORK, July 8 (Reuters) - Major stock indexes were

little changed on Tuesday as investors digested the latest news

in U.S. President Donald Trump's tariff rollout, and the yen

extended its slide against the dollar on planned 25% duties on

goods from Japan.

Trump broadened his global trade war on Tuesday, announcing a

50% tariff on imported copper, and said long-threatened levies

on semiconductors and pharmaceuticals were coming soon. Shares

of Freeport-McMoRan ( FCX ) were up 4%.

On Monday, Trump sent letters to 14 countries, including major

Asian trading partners such as Japan and South Korea, saying

they face sharply higher tariffs on imports into the United

States starting from a new date of August 1.

Stocks sold off on Monday but market reactions have not been

as severe as in the aftermath of Trump's sweeping tariff

announcement in April. Some market watchers expect countries to

seek trade deals with the United States before the new deadline.

European stocks held firm, with sources saying the European

Union will not be receiving a letter setting out higher tariffs

and that the EU could reach a trade deal by Wednesday.

"It's kind of a sluggish day. People digested the tariff

news yesterday (Monday), and we saw weakness. People are kind of

on hold until we start seeing second-quarter earnings," said

Peter Tuz, president of Chase Investment Counsel in

Charlottesville, Virginia.

S&P 500 companies will soon begin reporting results on the

quarter that ended June 30.

The Dow Jones Industrial Average fell 156.46 points,

or 0.35%, to 44,249.90, the S&P 500 fell 2.88 points, or

0.05%, to 6,226.88 and the Nasdaq Composite rose 13.72

points, or 0.07%, to 20,426.23.

MSCI's gauge of stocks across the globe rose

0.03 points to 919.96. The pan-European STOXX 600 index

ended up 0.41%.

Hopes of trade deals buoyed risk appetite for regional

assets on Tuesday as MSCI's broadest index of Asia-Pacific

shares outside Japan rose 0.5%, while Japan's

Nikkei reversed early declines and finished 0.26%

higher.

Southeast Asia's biggest economies are among those facing the

highest U.S. tariffs. South Korean shares recorded

their strongest daily gain in two weeks and the won

firmed 0.4%.

The lack of progress on trade has loomed over markets since

Trump capped in April what he called reciprocal tariffs with

trading partners at 10% for three months to allow for

negotiations.

Only two agreements, with Britain and Vietnam, have been

reached, and in June, Washington and China agreed on a framework

covering tariff rates.

Minutes from the last Federal Reserve meeting will be released

on Wednesday. The central bank has been taking a wait-and-see

approach to monetary policy.

The export-dependent Japanese yen hit a two-week

low of 146.65 per dollar and also weakened against a host of

other currencies. Against the Japanese yen, the dollar

strengthened 0.46% to 146.69.

The Australian dollar rose after the country's

central bank defied market expectations and left its cash rate

steady at 3.85%.

U.S. Treasury yields also gained, with the yield on

benchmark U.S. 10-year notes up 2.2 basis points at

4.417%, from 4.395% late on Monday.

U.S. crude rose 40 cents to settle at $68.33 a barrel

and Brent settled at $70.15 per barrel, up 57 cents.