By Lisa Pauline Mattackal

Feb 25 (Reuters) - Emerging markets stocks and currencies lost ground on Tuesday as concerns about growing U.S. tariff risks and possible new investment curbs on China continued to weigh on risk sentiment.

Tariffs on Mexican and Canadian imports are "on time and on schedule," U.S. President Donald Trump said on Monday, ahead of the March 4 deadline, and Bloomberg News reported that Trump's administration was planning to toughen semiconductor restrictions on China.

MSCI's index tracking emerging market stocks .MSCIEF dropped 1.2%, with a sell-off in heavily weighted Asian tech stocks weighing.

Alibaba 9988.HK fell 3.8% and shares of Taiwan Semiconductor Manufacturing 2330.TW were down 1.9%.

MSCI's index tracking emerging market currencies .MIEM00000CUS lost 0.3%, easing off a three-month high, and was set to snap a three-session gaining streak. Both the stocks and currencies indexes were on track for the worst session since Feb. 3.

"We think markets are perhaps somewhat complacent on the absolute growth risks of tariffs right now, and see some risk that global risk appetite and equity markets correct further from here," said Michael Wan, senior currency analyst at MUFG.

The renewed worries about tariffs highlight uncertainties facing global markets, where many investors had hoped that initial delays signalled Trump's threats were primarily a negotiation tactic.

Focus was also on discussions between the U.S. and Russia over ending the war in Ukraine. The rouble RUB= rose 1.3% against the dollar after Russian President Vladimir Putin outlined potential deals with the U.S. on rare earth metals and aluminium.

Russia's currency has gained over 23% versus the dollar this year. A study showed Ukraine will need an estimated $524 billion to rebuild its economy.

Mexico's peso MXN=D3 was little changed during European trading hours.

Hungary's forint EURHUF= slipped 0.2% against the euro EUR= ahead of a rate decision, where the National Bank of Hungary is expected to keep rates on hold at the European Union's joint-highest 6.50%.

The meeting is the last helmed by Governor Gyorgy Matolcsy. Andrea Mager, whose nomination by Prime Minister Viktor Orban's ruling Fidesz party was first reported by Reuters on Friday, said on Monday the central bank has more work to do to anchor inflation expectations.

South Africa's composite leading business cycle indicator fell 1.8% month on month in December, central bank data showed.

The rand ZAR=D3 weakened 0.2%, while South African stocks .JTOPI rose 0.2% after its worst day since last April on Monday.

The euro lost 0.2% against the Polish zloty EURPLN=. Data showed Poland's unemployment rate rose to 5.4% in January.

HIGHLIGHTS:

** India's bond forwards may see strong demand from insurers, investors say

** HEDGE FLOW-Asia equities exhibit record bullish momentum, Goldman Sachs says

** China's exports to the U.S. may fall sharply because of Trump's tariff hikes: Chinese central bank advisor

For TOP NEWS across emerging markets nTOPEMRG

For CENTRAL EUROPE market report, see CEE/

For TURKISH market report, see .IS

For RUSSIAN market report, see RU/RUB

(Reporting by Lisa Mattackal in Bengaluru; Editing by Timothy Heritage)

((LisaPauline.Mattackal@thomsonreuters.com;))