The yield on the benchmark 10-year Treasury note was marginally higher at 2.389%, while the yield on the 30-year Treasury bond traded at 2.821%. The spread between the 10-year Treasury yield and the 3-month Treasury bill yield was -0.6 basis points. Bond yields move inversely to prices.

U.S. government debt yields ticked lower on Friday as tensions over a simmering trade war between the U.S. and China and a breakdown in Brexit talks in the U.K. offset stronger consumer sentiment data.

Investors pivoted toward safer assets like government debt Friday after President Donald Trump moved to block Huawei from buying American technology, ratcheted up tensions between the globe's two largest economies. Washington and Beijing are in the middle of a fierce trade dispute, including taxes on billions of dollars worth of imports.

Most recently, the U.S. increased the tariff rate on $200 billion worth of Chinese imports to 25% from 10% after Beijing attempted to renegotiate terms of the trade agreement. China's ruling Communist Party's newspaper struck a defiant tone Friday, insisting the trade war will only make China stronger.

CNBC's Kayla Tausche reported Friday that negotiations between the US and China appear to have stalled as both sides dig in after disagreement earlier this month. Sources confirmed that scheduling for the next round of negotiations is "in flux" after China reneged on certain trade promises earlier this month.

In Europe, the U.K.'s top political parties failed to devise a solution to the Brexit process.

Despite six weeks of talks the ruling Conservative Party and main opposition Labour party, the politicians could not come up with an agreement. Labour leader Jeremy Corbyn wrote in a letter to Prime Minister Theresa May on Friday that talks had "gone as far as they can go."

On the data front Friday, consumer sentiment surged to its highest level in 15 years. The data helped yields recover some of their earlier losses. The University of Michigan's preliminary print on its consumer sentiment index rose to 102.4, up from 97.2 in April.

"Consumers viewed prospects for the overall economy much more favorably, with the economic outlook for the near and longer term reaching their highest levels since 2004," said Richard Curtin, chief economist for the Surveys of Consumers.

— CNBC's Spriha Srivastava contributed reporting.