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A.T. said:No, the component of gravity tangent to the surface is not exactly canceled by static friction.
In a perfect world, the surface of the Earth is an equipotential surface where both gravity and centripetal force are take into account. In that case there is no lateral force component tangent to the surface. In a realistic world, there are small lateral forces but static friction stops things from sliding around. The force from static friction is the exact amount needed to counteract other forces that are too small to overcome the static friction. But this is digressing from the OP.