The US didnt fail to invest in their own industries, its more that most of the US’ industries decided to hand all their manufacturing to China - and not just the primary industries but the secondary and a large part of the tertiary too, all because labour was somewhat cheaper for the corporations, and the health/environmental costs could be ‘externalized’. A lot of side-impacts too - they took all the IP they were given, and stole any more they desired: counterfeit products have never been more rampant.

As the US traded away its blue collar industries, and left blue collar workers in unsteady times, it found that the only things China wanted in return were high quality US food imports and raw materials - relatively inexpensive exports. So a fairly large trade deficit built, and with all the excess capital, China purchased US treasury bonds and property, etc. The largest foreign owner of US debt in the world is China and has been for some years.

Even as economic power ceded, for a long while the US could still exert power through its 50-100 years banked institutional power and goodwill, and US controlled organizations that operate throughout the world, but Trump and Elon have been sabotaging them openly intentionally as fast as they can. The soft power is now all but gone too with world leaders now leaving the US out of major geopolitical discussions - unthinkable just a year ago.

There is no turning the clock back on globalization, but perhaps the first big step for America is getting money out of politics with strong legislation and harsh penalties for those that break it - overturn Citizens United, no more SuperPACs - prise the power away from corporations to dictate law and pick leaders, because they have crafted every issue you speak to. I’m not sure what hope the US has with that in the short term though, you’re living through the second Trump presidency - and he just accepted a $400million bribe gift from the Saudi govt, which his been A-OK’d by his mentally vacant Attourney General. Who knows though, even MAGAs are starting to get pissy with the outward corruption.