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UPDATE 1-Turkish lira weakens as investors remain cautious of emerging markets

markets@ (Updates prices, adds U.S. delay on China tariffs)

ISTANBUL, Aug 13 (Reuters) - Turkey's lira made up most of its early losses on Tuesday on news that the United States will delay imposing some tariffs on China, but investors remained wary of emerging markets after the Argentinian peso hit a record low against the dollar.

The lira stood at 5.5730 against the dollar at 1731 GMT, slightly weaker than Monday's close of 5.5630. Tuesday is a public holiday in Turkey for Eid al-Adha.

Earlier, the lira had softened to as much as 5.6360 per dollar, its weakest since July 29.

But it regained most of that ground after the U.S. administration said it would delay imposing a 10% import tariff on laptops, cell phones, video game consoles and a wide range of other products made in China, in an abrupt pull-back from a hardline stance on Chinese trade.

Argentina was the main point of focus in the currency market earlier in the day after center-left opposition leader Alberto Fernández won Sunday's primary election, raising concerns he could roll back President Mauricio Macri's business-friendly agenda if he won October's presidential vote.

The results sent a shockwave through markets on Monday, with the peso plunging 30% to a record low before recovering slightly.

Refinitiv data showed Argentine stocks, bonds and the peso had not recorded this kind of simultaneous fall since the South American country's 2001 economic crisis and debt default.

Guillaume Tresca, senior emerging market strategist at Credit Agricole, said the developments in Argentina had reminded investors of the fragility of some emerging market economies and that the global environment was currently not supportive of emerging markets.

He said the lira's gains in recent weeks had been opportunistic and they were not led by an improvement in fundamentals.

The currency had risen despite a larger-than-expected rate cut by the central bank last month, as well as potential U.S. sanctions over Ankara's purchase of the Russian S-400 missile defense systems.

The lira had firmed as far as 5.4515 to the dollar on Thursday, its strongest since April, supported by expectations of looser monetary policy from the U.S. Federal Reserve and the European Central Bank.

"The move in July was surprising. So, now to see some consolation especially in a weaker environment is not really surprising," Tresca said. (Reporting by Ali Kucukgocmen; Editing by Alison Williams and Hugh Lawson)