For a very long time, the United States has been regarded as the world's preeminent economic and military force. However, it seems that China has been gaining ground on the US lately in terms of technology, diplomacy, and economic might. The depreciation of the US dollar, the growing influence of the BRICS nations (Brazil, Russia, India, China, and South Africa), and the withdrawal of European nations from the US have all contributed to this trend.
The US is declining on many fronts for a number of reasons. Many Americans predict a weaker economy, a growing income divide, a degraded environment, and a broken political system in the near future. A recent Pew Research Center survey focused on what Americans think the US will be like in 2050 finds that majorities of Americans foresee a country with a burgeoning national debt, a wider gap between the rich and the poor, and a workforce threatened by automation.
The US emphasis on military strength and might, which has come at the expense of funding for science, technology, and education, is one of the primary causes. China, on the other hand, has made large expenditures in these fields, allowing them to become the industry leader in terms of innovation and technology. China has been able to take the lead in this industry because the US has lagged behind in adapting to emerging technologies like 5G.
The debt owed by the US is another element that has contributed to its decline. The United States has had a significant national debt as a result of years of wasteful forever wars overseas and fiscal deficits. The US dollar is now less valuable and appealing as a reserve currency as a result of this debt. Nations are searching for alternative currencies, with the Chinese yuan emerging as a leading contender.
In addition, political instability and deadlock have been problems in the US. Making progress on crucial topics like healthcare and climate change has been challenging due to the polarisation of American politics. This has damaged the nation's reputation abroad and diminished its appeal to potential allies. China has been making significant investments in infrastructure both locally and internationally through programs like the Belt and Road Initiative.
This has aided in strengthening China's status as a significant economic force and partner, expanding its worldwide influence. The economic strength of the BRICS nations has also been increasing, which has caused a change away from the traditional dominance of the US and other Western powers.
Even European nations like Germany and France have been moving away from the US and trying to improve their relations with China and the BRICS. This is in part because of worries about the "America First" strategy of the Trump administration and how it may affect international trade. But it also reflects how powerful China's and the BRICS' economies are becoming.
As a result of a number of causes, such as a preference for military might over innovation, a sizable national debt, domestic social and political polarisation, and increasing competition from China and the BRICS, the US is in decline economically and diplomatically.
If the United States wants to reclaim its place as the world's leading economic and diplomatic power, it must reorient its priorities and make investments in science, technology, and education. It should also abandon its “exceptionalism” attitude in a new multipolar world.