By Chuck Mikolajczak

LONDON, Feb 11 (Reuters) - A gauge of global stocks was slightly lower while U.S. Treasury yields advanced on Tuesday as investors braced for repercussions from the latest U.S. tariff announcements and digested comments from Federal Reserve Chair Jerome Powell.

President Donald Trump on Monday raised tariffs on steel and aluminum imports to 25% from the previous 10%, eliminated country exceptions as well as product-specific exclusions, and promised to announce global reciprocal tariffs within days.

But Trump also said he was considering an exemption for Australia and that the steel and aluminum measures would only take effect from March 4, keeping alive the view for some investors that the duties are being used as a negotiating tool.

Mexico, Canada and the European Union on Tuesday condemned the move, with the EU saying the 27-nation bloc would take "firm and proportionate countermeasures".

On Wall Street, stocks pared losses slightly as investors eyed comments from Powell for any signs the tariffs might alter the U.S. central bank's monetary policy path.

"(Powell) is going to have to provide some clarity", said Adam Turnquist, chief technical strategist for LPL Financial.

"He can't really punt on those questions because there's enough details where the Fed speaker should have an opinion on at least on some of these measures."

In opening remarks prepared for a Senate Banking Committee hearing, Powell said the Fed is in no rush to cut its short-term interest rate again due to an economy that is "strong overall", as unemployment is low and inflation remains above the central bank's 2% target.

The Dow Jones Industrial Average .DJI fell 35.11 points, or 0.08%, to 44,434.21, the S&P 500 .SPX fell 5.56 points, or 0.09%, to 6,060.98 and the Nasdaq Composite .IXIC fell 13.62 points, or 0.06%, to 19,701.77.

MSCI's gauge of stocks across the globe .MIWD00000PUS fell 0.89 points, or 0.10%, to 872.90. The pan-European STOXX 600 .STOXX index rose 0.2%, reaching an intraday record for a second straight session.

Treasury yields maintained gains after Powell's opening statement. The yield on benchmark U.S. 10-year notes US10YT=RR rose 5 basis points to 4.545%.

Markets have been slowly scaling back expectations for rate cuts from the U.S. central bank this year, largely expecting the Fed to hold rates steady at its March and May meetings, while pricing in a 50.7% chance for a cut of at least 25 basis points in June, according to CME's FedWatch Tool.

The dollar index =USD, which measures the greenback against a basket of currencies, fell 0.24% to 108.10, with the euro EUR= up 0.34% at $1.034.

Against the Japanese yen JPY=, the dollar strengthened 0.39% to 152.58 while sterling GBP= firmed 0.38% to $1.2412.

Oil prices rose on Russian and Iranian supply concerns, although the tariff announcement kept gains in check.

U.S. crude CLc1 rose 1.05% to $73.08 a barrel and Brent LCOc1 rose to $76.74 per barrel, up 1.16% on the day.

(Reporting by Chuck Mikolajczak with additional reporting by Shashwat Chauhan and Sukriti Gupta in Bengaluru; editing by Mark Heinrich)

((charles.mikolajczak@tr.com; @ChuckMik;))

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