New Zealand shares fell on Friday tracking losses from Wall Street as the short-lived tariff relief rally came to an end.

The S&P/NZX 50 Index declined 1.49% or 182.30 points to close at 12,019.13.

On Thursday's close, the Nasdaq Composite plunged 4.3%, while the S&P 500 and the Dow Jones Industrial Average lost 3.5% and 2.5%, respectively.

"After the third-best day since World War II, the market got a reality check, as we're not out of the woods yet. Higher tariffs on China confirmed that the trade war is still the number one topic, with rising risks of a domestic recession, as uncertainty has already impacted supply chains," said Leo Nelissen, part of the investing group iREIT+HOYA Capital, as quoted by Seeking Alpha.

China's President Xi Jinping has decided to go on a three-nation Southeast Asia visit next week to consolidate ties with some of the country's closest neighbors in response to rising trade tensions with the US, Reuters reported Friday.

In the local economy, activity in New Zealand's manufacturing sector rose further in March, albeit at a slower pace as new orders declined, according to a report by BusinessNZ published Friday.

Also, New Zealand's headline inflation is expected to accelerate in the first quarter, while underlying inflation is seen to slow, but any upside surprises could be overlooked in the face of new trade-related risks, ANZ Research said in a Thursday note.

In corporate news, Templeton Emerging Markets Investment Trust (NZE:TEM) purchased 406,000 ordinary shares for 1.5684 pounds sterling apiece for cancellation, according to a Friday filing with the New Zealand bourse.

Air New Zealand (ASX:AIZ, NZE:AIR) repurchased for cancellation 425,990 ordinary shares, according to a filing with the New Zealand and Australian bourses.