Nasdaq set to confirm bear market as Trump tariffs trigger recession fears

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.