April 3 (Reuters) - The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20% from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.
Trump on April 2 slapped a 10% baseline tariff on all imports to the United States along with heavy levies on tech production hubs such as China, Taiwan and Vietnam, deepening a selloff triggered by concerns about AI spending that had pushed Nasdaq into correction territory earlier last month.
The index .IXIC fell 2.8% on Friday, after China announced additional tariffs of 34% on U.S. goods in the most serious escalation.
The Nasdaq Composite index slumped about 20% from its December 16 record closing high of 20,173.89. A bear market is confirmed when an index closes down at least 20% from its most recent record high finish, according to a widely used definition.
(Reporting by Sukriti Gupta in Bengaluru; Editing by Sriraj Kalluvila)
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