By Purvi Agarwal

July 22 (Reuters) - Most Latin American currencies were flat to slightly lower in choppy trading on Tuesday, as investors monitored trade negotiations ahead of the August 1 deadline for U.S. tariffs.

While Washington has secured only a handful of trade deals to date, several major trading partners are in talks with U.S. President Donald Trump's administration to try to avoid the threatened levies.

The hope at least some will succeed has kept markets resilient.

On the day, most Latin American currencies gave back gains, with the MSCI index tracking regional currencies .MILA00000CUS down 0.1%, after three sessions of gains.

"If it (the Fed) felt that uncertainty about the tariff outlook were growing, it would likely be more inclined to delay a rate cut, perhaps to December... stock traders almost certainly would not like that outcome as they would see it as stagflationary for the US economy," said Thierry Wizman, global FX and rates strategist at Macquarie Group.

Adding to concerns about the Fed's independence, U.S. Treasury Secretary Scott Bessent called for a review of the Fed's non-monetary policy operations on Monday, weeks after Trump raised the possibility of sacking chair Jerome Powell soon.

Oil producer Colombia's peso COP= fell 0.4%, with falling oil prices adding to declines. The currency was set for its fourth session of losses, its longest losing streak since early April.

Mexico's peso MXN= was up 0.1%, outperforming peers.

Chile's CLP= was flat, with rising copper prices limiting declines, while the Brazil real BRL= fell 0.3%.

Local politics came into focus in Brazil after the country's top court seized assets and accounts of former Brazilian preside Jair Bolsonaro's son.

Bolsonaro himself faces charges of plotting a coup against current president Lula Inacio Lula da Silva after a defeat in the 2022 elections. Trump imposed 50% duties on Brazil in an attempt to reduce legal pressures on his former ally, Bolsonaro.

Equities in Latin America were broadly higher, with ones in Brazil .BVSP and Chile .SPIPSA up 0.6% each. Mexican stocks .MXX were the outliers, down 0.2%.

MSCI's index tracking Latam stocks .MILA00000PUS was up 0.2%.

Elsewhere in EMs, central banks in Hungary and Nigeria left their benchmark rates on hold, citing inflation risks. This was the tenth months where the Hungarian bank held rates.

Ukraine's government bonds fell more than 2% on the international markets with the bulk of the $20 billion of debt it restructured last year down over 1 cent at between 45 and 50 cents on the dollar XS2895056369=TE, XS2895057334=TE.

Ukraine's parliament voted on Tuesday to tighten restrictions on two anti-corruption agencies at the centre of the government's reform drive.

Key Latin American stock indexes and currencies:

(Reporting by Purvi Agarwal in Bengaluru; editing by Barbara Lewis)

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