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 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)