The S&P/ASX200 lost 63.1 points, or 0.82 per cent, to 7646.5, while the broader All Ordinaries fell 60.2 points, or 0.76 per cent, to 7853.7.
The top 500 finished the week almost flat, down just 6.1 points, or 0.08 per cent, after a week of daily swings of more than $100 billion as US tariff announcements wreaked havoc on markets.
"It's way too early to say that we have seen the low in shares as there is a long way to go with the tariff battle, stress is continuing to build in US asset markets and much damage has already been done to the growth and profit outlook," AMP chief economist Shane Oliver said.
"Given the ongoing policy chaos, hit to confidence and supply chains, the risk of a US recession remains high at around 45 per cent."
Ten of 11 local sectors finished lower on Friday, led by health stocks, down 2.7 per cent, utilities, which lost 2.1 per cent, and energy stocks, which fell 1.8 per cent.
Financials bled 0.9 per cent lower, with only the CBA keeping its head above water as NAB, Westpac and ANZ gave up more than 1.7 per cent each.
The sector finished the week about 0.6 per cent lower, grinding back losses after tanking more than seven per cent on Monday, when tariff fears wiped $110 billion from the top 500 stocks.
It was a similar story for materials stocks, which fell as much as 8.7 per cent at the start of the week but managed to finish just 0.8 per cent lower.
The sector has lost about four per cent since the broad-based "Liberation Day" tariffs were announced on April 2 by US President Donald Trump.
Gold miners bucked the trend and were the best performers of the top 200, as investors sent the safe haven to new highs, with gold futures trading at more than $US3,200 an ounce.
Also in gold's favour was a decline in other risk-off assets, as investors and governments sold off the US dollar and US bonds, sending yields higher.
The Australian dollar was buying 62.02 US cents, up slightly from 61.94 US cents on Thursday at 5pm, but the Aussie was down against most major currencies as growth worries weighed on the closely linked Chinese Yuan.
The defensive consumer discretionary sector managed a 0.4 per cent gain on Friday and was up two per cent for the week, as Woolworths jumped more than five per cent since Monday's open.
Looking to next week, the Reserve Bank will release its April meeting minutes on Tuesday and Australian unemployment data will come out on Thursday.
Traders will closely watch US earnings season for forward guidance from market giants including Johnson & Johnson, Citigroup and Bank of America for indications of a economic and financial uncertainty.
ON THE ASX:
* The benchmark S&P/ASX200 index rose 63.1 points, or 0.82 per cent, to 7646.5 on Friday
* The broader All Ordinaries gained 60.2 points, or 0.76 per cent, to 7853.7
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 62.02 US cents, from 61.94 US cents on Thursday
* 82.22 Japanese yen, from 91.07 Japanese yen
* 54.93 euro cents, from 56.41 euro cents
* 47.61 British pence, from 48.16 British pence
* 107.60 NZ cents, from 108.75 NZ cents
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