US stocks climbed on Friday as investors digested a new tariffs blitz by US President Donald Trump and data showing a key US inflation metric rose in line with expectations.

Wall Street pushed higher after falling for three straight sessions, with relief about inflation data offsetting the tariff developments and rising concerns about a US government shutdown due to failed budget talks.

The Dow Jones climbed 0.7 percent to 46,247, while the S&P 500 finished up 0.6 percent at 6,643. The Nasdaq gained 0.4 percent to 22,484.

Official data showed that the Fed's preferred gauge of inflation, the personal consumption expenditures (PCE) price index, reached 2.7 percent in August, up from 2.6 percent in July.

The figure is above the central bank's two-percent inflation target.

But it was in line with analyst forecasts, giving investors "some relief that the Fed will remain on track to cut rates two more times this year," said Bret Kenwell, US investment analyst at the eToro trading platform.

The Fed must weigh between fighting inflation and propping up a weakening US jobs market, Kenwell said.

Investors were also digesting Trump's latest tariff moves.

The US president announced on Thursday steep new tariffs on pharmaceutical products, big-rig trucks, home renovation fixtures and furniture.

He said a 100-percent tariff would be imposed on "any branded or patented" pharmaceutical product from October 1, unless a company is building a manufacturing plant in the United States.

Investors have rethought their view of the tariffs compared with earlier in the year when the market was caught off guard by the breadth of Trump's aggressive trade policy. (AFP)