In the year to May, says Michael Rosenberg, chief currency strategist at Deutsche Bank, import prices to America, excluding oil, rose only 0.9%, even though the trade-weighted dollar fell by 6%.

ECONOMIST: Why America's deficit is hard to turn around

Rosenberg's grandfather Michael Rhodes was a chemist who in the 1950s led the invention of the water-repelling molecule at the heart of Hycrete's additive.

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