By Shashwat Chauhan

Nov 26 (Reuters) -Most emerging market currencies slipped against a firmer dollar on Tuesday after U.S. President-elect Donald Trump pledged tariffs on all imports from Canada and Mexico, along with additional tariffs on China.

Trump, who takes office on Jan. 20, 2025, said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs and migrants crossing the border in a move that would appear to violate a free-trade deal.

"Our view remains that tariffs will eventually not end up as bad as feared, but we will see increased uncertainty over the coming months," economists at Jefferies wrote in a morning note.

Mexico's peso MXN= slumped 1.6% to 20.6 per dollar early on, hovering near its lowest level since August 2022, while the Canadian dollar CAD=D3 briefly hit a more than four-year low.

Trump also outlined "an additional 10% tariff, above any additional tariffs" on imports from China.

Chinese equity markets closed largely unchanged, though the yuan CNH= briefly hit its lowest level since June in offshore trading, last down 0.3%.

The dollar strengthened globally following Trump's remarks, weakening risk-sensitive EM currencies such as South Africa's rand ZAR=D3, which fell 0.4%.

In emerging Europe, most currencies lost ground against the dollar, with Hungary's forint HUF= the worst hit, down 0.3%.

MSCI's index for emerging market equities .MSCIEF slipped 0.4% as of 0900 GMT, with stocks in emerging Asia, which hold the bulk of the weightage on the index, trading lower.

Taiwan's benchmark .TWII shed more than 1%, while the South Korean index .KS11 lost 0.6%.

Shares in India were under pressure, bogged down by falling Adani stocks. .BO

Sri Lanka is weighing U.S. bribery accusations against Adani Group and Fitch put some company bonds on a watch list for a possible downgrade, as fallout widens from indictments of some key executives of the Indian conglomerate.

EM assets have experienced a torrid November as investors mull the implications of Trump's policies on trade, tariffs and immigration.

"Tariffs will further support the view of US over rest of the world from an investment perspective," Jefferies noted.

Continued repricing of the Federal Reserve's interest rate path has also helped the dollar globally, weakening EM currencies.

Minutes from the Fed's most recent policy meeting, where it opted to cut interest rates by 25 basis points, are due to be released later in the day.

Nigeria's central bank is expected to hike its benchmark interest by 50-basis-points later in the day, bringing the rate up to 27.75%.

Meanwhile, Israel looks set to approve a U.S. plan for a ceasefire with the Iran-backed Hezbollah, a senior Israeli official said.

HIGHLIGHTS:

** Investors say they know how to trade Trump 2.0

** Ethiopia's parliament approves extra $4.8 bln spending in 2024/25

** Sri Lanka's new govt to present 2025 budget in parliament in February

Reporting by Shashwat Chauhan in Bengaluru

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