Perhaps true 20 years ago, today I'm not so sure.

From across the pond, the USA looks like a has been who relies a lot on old merits. The world got bombed to pieces 80 years ago, but has step by step rebuilt itself.

The advantage the US had has been squandered by ineffective leadership.

They still hold the advantage no matter what. If diplomacy doesn't work, they can sanction or tariff or impose export controls. Or they can invade.