The European Union said it will impose retaliatory tariffs worth $28 billion on U.S. industrial and agricultural goods, following the Trump Administration's decision to raise tariffs on steel and aluminum imports to 25 percent. The EU tariffs will take effect on April 1 and be fully implemented by mid-month.

Trump threatened to impose a 200% tariff on European alcohol if the European Union does not abandon its planned tax on American whiskey.

Trump's tariff policies have rattled the stock market and raised fears of an economic slowdown, increased inflation and a global trade war.

U.S. equities followed European stocks higher on Friday to end a bumpy week on a positive note, although safe-haven gold hit a record high with investors still showing some signs of anxiety about the economic impact of tariffs.