Many garment factories have shuttered amid a decades-long decline in U.S. apparel production, and tariffs won't be enough to bring them back. But higher-end, higher-quality clothing can still be made at a profit stateside. Today, we'll take lessons from one suit factory in New Bedford, Massachusetts. But first: Home Depot reported disappointing profits this morning, and more retailers are having to weigh price costs, dwindling warehouse inventories, and price-conscious consumers.

Experts are still in the early stages of understanding just how much generative AI will disrupt the labor force. A new report by MIT finds that the adoption of AI led some firms to cut back spending on jobs that were often already being outsourced — things like customer support, software engineering, and administrative tasks. We'll learn more. Also: the dollar's role as the world's "reserve currency" and a $2 billion lifeline for Intel.

From the BBC World Service: Japan’s SoftBank has invested $2 billion in U.S. chipmaker Intel, which has been losing ground lately in the booming AI market. It also comes as the U.S. government weighs whether to take a direct stake in the company. And, as historic White House talks spark hopes of a Putin–Zelensky summit, the war in Ukraine grinds on, with Russia turning to North Korea to plug major labor gaps.