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President Barack Obama praised the American movie industry on Tuesday, saying Hollywood was not only a key export industry but also an important cultural and diplomatic tool. Speaking after a visit to the DreamWorks Animation studio in the Los Angeles suburb of Glendale, Obama said Hollywood was one of the engines of the American economy. "I've come here today, because this is one of America's economic engines, not just DreamWorks, but this whole cluster of companies that generations have grown up knowing, Disney and Warner and Universal and others," Obama said after a guided tour of the studios responsible for successful franchises such as "Shrek", "Madagascar" and "Kung Fu Panda." The entertainment industry had also served as an important diplomatic tool, Obama said.Read more...