Even though the waning of American hegemony can be clearly seen on the horizon, the fundamental reality is that it’s a long way off. China’s economy is basically only Japan-sized, and the country faces massive challenges starting with the fact that the majority of the population is still impoverished peasant farmers. India is even worse off. Japan is in demographic decline. Europe isn’t an actual country and can’t really make foreign-policy decisions.
In other words, our power is slipping away, but only very slowly.