Societe Generale's 2026 outlook report suggests the U.S. dollar could face immediate weakening if the Supreme Court deems former President Trump's tariffs unconstitutional. The potential ruling could disrupt a significant fiscal revenue stream, heightening concerns over the U.S. fiscal deficit's sustainability. This may lead investors to seek higher premiums for holding dollar-denominated assets. Despite this, the report indicates the Trump administration might introduce alternative tariffs to mitigate the fiscal impact.