At the close, the Dow Jones Industrial Average was up 0.5 percent after opening the day in the red. The broad-based S&P 500 index climbed 0.7 percent, while the tech-heavy Nasdaq rose 0.9 percent.
Among the winners was cloud giant Amazon - which imports large volumes from China - up around 2.5 percent.
Friday was marked by a series of US decisions and figures. First came figures showing that the US economy slowed sharply and unexpectedly in the fourth quarter, while inflation rose more than expected.
Later in the afternoon, the Supreme Court ruled that Trump's tariffs were unconstitutional, a significant setback for the administration. At a press conference, Trump announced that he would impose new global tariffs of 10 percent on top of those already in place.
