Confidence in the world’s reserve currency is in doubt, leaving an opening for alternatives like the euro. But it won’t be easy.

The U.S. dollar has fallen about 9 percent in the past three months, according to an index that tracks its performance against a basket of major trading partners. Not since the 1970s has the currency performed so badly in a president’s first 100 days.

The drop isn’t surprising. The U.S. economic outlook is far cloudier than it was on Inauguration Day, as President Trump’s tariffs set the stage for slower growth and higher inflation. U.S. assets look far less attractive now.

But could there be something more existential afoot? Questions are swirling about the dollar’s global standing and whether after more than seven decades as the world’s most important currency, it’s on the cusp of shedding that status.

Trump’s policies and his threats to longstanding norms like the political independence of the

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