The pan-European Stoxx 600 pared earlier gains to close near the flatline with most sectors and major bourses trading in positive territory. Basic resources stocks were up by more than 3.6 percent, outperforming their peers, on earnings.
Mining firm Boliden were near the top of the European benchmark, up by more than 9.6 percent on Friday, after reporting a core operating profit of $236.76 million, well above expectations. The steelmaker ArcelorMittal said Friday that higher steel prices helped to narrow full-year losses. Its shares were more than 9.3 percent higher.
In contrast, shares of Just Eat ended close to the bottom of the European benchmark, down by nearly 6.5 percent. Its CEO said it would resign due to "urgent" family matters.
Carmaker Renault reported record results in 2016, with operating profits higher by 3 percent. Its shares closed up 1.2 percent. Renault and partner Nissan are reportedly ready to pursue a closer tie-up once the French government sells its stake in the carmaker.
Luxury goods group Kering ended 2.6 percent higher on Friday after earnings results beat expectations.
Meanwhile in the U.S., the Dow Jones industrial average, broader S&P 500 and Nasdaq composite all continued to move higher on Friday, adding to record highs in the previous session after Trump's 'big league' tax announcement.
Oil prices surge
Also on the schedule for Friday is Trump's meeting with Japanese Prime Minister Shinzo Abe at the White House. Expected discussions include the president's plans to withdraw from the Trans-Pacific Partnership and establish a series of new bilateral trade agreements.
Data released Friday showed industrial production in France dropping 0.9 percent month-to-month in December, slightly below the consensus.
Asian shares closed at an 18-month high Friday, tracking a rally on Wall Street after President Trump promised to unveil a major tax announcement to lower the burden on businesses.
Oil prices rose over 2 percent on Friday following reports that OPEC members had delivered more than 90 percent of the production cuts they had promised since the deal came into effect in the New Year.
Brent crude traded at around $56.81 a barrel on Friday shortly after the European close, up 2.16 percent, while U.S. crude was around $54.08 a barrel, up 2.08 percent.