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North American stock markets moved lower despite the lifting of steel and aluminum tariffs by the United States and Canada.

The S&P/TSX composite index closed down 42.11 points at 16,401.75.

In New York, the Dow Jones industrial average was down 98.68 points at 25,764.00. The S&P 500 index was down 16.79 points at 2,859.53, while the Nasdaq composite was down 81.76 points at 7,816.28.

The Canadian dollar traded at an average of 74.25 cents US compared with an average of 74.41 cents US on Thursday.

The July crude contract was down 14 cents at US$62.92 per barrel and the June natural gas contract was down 0.8 of a cent at US$2.63 per mmBTU.

The June gold contract was down US$10.50 at US$1,275.70 an ounce and the July copper contract was down 0.95 of a cent at US$2.74 a pound.