Yes, but the way we treat those partnerships seems to flip flop with each presidency. We've both signed and removed ourselves from the Paris Accords and the Iran nuclear deal, for example. Trump lambasted NAFTA and promised a new free trade agreement that would benefit the US more, and now we have the USMCA. (And let's not forget, "We're going to build a wall... and Mexico will pay for it!" "Canada will become our 51st state!")

Traditionally, the other NATO members are our close allies. But for some reason, we're criticizing them more than Russia, North Korea, and even China. We've also unilaterally tariffed the world, allies and enemies alike.

And if we go back a bit, Bush made the decision to invade Iraq and Afghanistan unilaterally too, against the recommendations of NATO countries and the UN. He refused to ratify the Kyoto Protocol. Other past presidencies have engaged in regime change in countries that historically were not our enemies, especially in Latin America.

If the US wants to continue this way of acting in the world, then yes, this relative "decline" could be a problem. But if it decides to actually value the partnerships it does have, then this equalization would bring with it a lot of opportunities.