>> the US is not the ultimate global hegemon anymore

The hegemon concept is also out of date. World trade is not dominated by countries but by multinationals. For instance, there are no real "US" car companies. There are a handful of huge conglomerates who can choose to operate wherever best suits their needs. These respond to edicts from individual countries but operate at a level above nation states.

This is why international cooperation on things like taxation or environmental protection is so important. And it is why petty bickering by individual nations will be so damaging.

That is the case for western economies. China controls nearly all levels of its supply chain. In the past, they didn't have the skills for design, but over time has gained that skill set (china now creates nearly a third of the worlds new engineers per year) and is now capable of designing and manufacturing world class products all in-house.

I guess the only exception is semi-conductors, but we all know they are desperately trying to remedy that.