By Shashwat Chauhan

April 30 (Reuters) - Most Latin American stocks and currencies slid on Wednesday, as investors dumped risky assets after data showed the U.S. economy contracted in the first quarter, highlighting concerns about the economical impact of U.S. trade tariffs and a global trade war.

Gross domestic product decreased at a 0.3% annualized rate last quarter, weighed down by a deluge of goods imported by businesses eager to avoid higher costs, underscoring the disruptive nature of President Donald Trump's often chaotic tariff policy.

"Everyone knew going into this release that tariff front-running was going to produce an unrecognizable figure," said Kyle Chapman, FX markets analyst at Ballinger Group.

"The direct, serious impact from what is effectively a trade embargo with China and a softer trade war with the rest of the world - that is a Q2 story. There is a good chance that we see another contraction in Q2."

Global assets have been battered of late, hammered by lingering uncertainty over U.S. President Donald Trump's erratic changes in trade policies and brewing trade tensions with China.

In Mexico, preliminary data showed the economy performed better than expected in the first quarter - the quarter-on-quarter growth showed the economy avoided a technical recession.

The peso MXN= depreciated 0.1% against the dollar in a global risk-off move, with Brazil's real BRL= also weakening 0.7%.

World's biggest copper producer Chile's currency CLP= slid 1.3% against the dollar, as prices of the red metal tumbled after a factory survey out of top consumer China showed weakening growth.

Overnight, Chile's central bank held its benchmark interest rate at 5%. Later in the day, Colombia's central bank is also widely expected to hold its main lending rate steady at 9.5%.

Sovereign international bonds of most frontier nations were also not spared in the global selloff, with longer-dated maturities in Gabon, Nigeria, Kenya, Sri Lanka and El Salvador - to name a few - down more than 1 cent on the dollar, according to Tradeweb data.

The iShares JPMorgan Emerging Markets Bond ETF EMB.O, which tracks the widely used EM bond index developed by JP Morgan, fell 0.6% - on pace to snap a six-day winning streak.

Back in Latin America, MSCI's index for regional currencies .MILA00000CUS shed 0.2%, though was on track for a fourth successive monthly rise.

Latin American assets have fared much better than the rest of the world so far this year, boosted by relatively lower U.S. import tariffs on South American countries.

An index for regional stocks .MILA00000PUS dropped 0.7% on Wednesday, though it was set for a more than 5% jump in April.

Shares of Mexico's largest broadcaster Grupo Televisa TLEVISACPO.MX dropped almost 3% after reporting a 66% net profit drop in the first quarter. The world's largest tequila producer, Becle CUERVO.MX added 2.8% after reporting a 15% rise in first-quarter profit.

Elsewhere in emerging markets, Pakistan's international bonds continued to slide amid rising tensions with neighbor India, with the 2031 maturity XS2322319638=TE down more than 1.4 cents on the dollar.

Key Latin American stock indexes and currencies:

(Reporting by Shashwat Chauhan in Bengaluru, Editing by Nick Zieminski)

((Shashwat.Chauhan@thomsonreuters.com;))