No, fading is right. The US is willingly and deliberately ceding much of its soft power. The US also caused a global energy crisis by being so completely incompetent in their dealings with Iran in the on again off again toxic s/relationship/war

Even if the US isn't fading, the message is still clear: the country is adopting a more isolationist stance and has no problems alienating its allies. Why would you want to continue to tie yourself to a nation like that?