By Purvi Agarwal

Feb 14 (Reuters) - Latin American currencies and stocks were higher on Friday, as investors cheered on a brief respite when U.S. President Donald Trump did not immediately impose threatened reciprocal tariffs.

Adding to a recent flood of tariff-related headlines, Trump tasked his economics team with devising plans for reciprocal tariffs on every country taxing U.S. imports on Thursday.

Analysts expect this process to leave room for negotiations, as with India, where it agreed to start talks for an early trade deal and resolve their standoff over tariffs, promising to buy more American energy and military equipment.

Mexico and Canada had also come to an agreement with the U.S. on border security earlier this month, after which the U.S. President paused tariffs on the neighbors for a 30-day period.

"There has been a clear deceleration of the "tariff train".... there's a sense that the administration's approach to issues is more transactional and less punitive," said Thierry Wizman, global FX and rates strategist at Macquarie.

MSCI's index tracking LatAm currencies .MILA00000CUS was up 0.7%, trading at its highest level since early October. The index was set for its sixth week of gains, its longest run since between March and May 2021.

The stocks gauge .MILA00000PUS gained 1.4%, on track for its sixth consecutive week of gains. Indexes in Brazil .BVSP and Argentina .MERV gained over 1%.

"Fears of the worst-case scenarios have faded away, inviting a welcome reversal towards an uptick in risk appetite," said analysts at LMAX Group.

Colombia's peso COP= strengthened 1%, trading around its August highs, helped by rising oil prices. Retail sales and imports in the country jumped on an annual basis in December.

Brazil's currency BRL= was up 0.7%. President Luiz Inacio Lula da Silva hinted at a complaint at the World Trade Organization, or to tax U.S. products in a reaction to Trump's steel tariffs, while Brazil's central bank chief said that the delayed tariffs have helped lifted asset prices early this year.

Mexico's peso MXN=, among the most vulnerable to tariff news, was 0.5% higher on the day.

Walmart's Mexico and Central America unit WALMEX.MX was down 3.5% after its fourth-quarter net profit slightly missed estimates.

A poll of traders released by Chile's central bank showed it was expected to hold rates at its next meeting in March. Its peso CLP= and stocks .SPIPSA in the world's largest copper producer, were 0.5% and 0.2% higher respectively.

Peru's sol PEN= gained 0.5%, after its central bank left rates unchanged at its monetary policy meeting on Thursday.

Investors will also parse through comments from policymakers at the Munich Security Conference.

Elsewhere, central banks in Romania and Russia kept their interest rates on hold.

Russia's rouble RUB= fell 2.7% against the dollar, after U.S. Vice President JD Vance threatened pressure if Russia does not agree to a peace deal with Ukraine.

Highlights:

** Emerging economies most vulnerable to USAID elimination

** Israel inflation jumps to highest since September 2023 in January

Key Latin American stock indexes and currencies at 1450 GMT:

(Reporting by Purvi Agarwal in Bengaluru, Editing by Franklin Paul)

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