The "world", implicit in your comment, is the liberal world order. This world order worked for America (ie Americans) until it became apparent that it did not, at least in a political and cultural sense (in a material sense it is of course still working perhaps even too well). The greatest champion of this world order, the EU bureaucratic class, views Americans' play for their sovereignty with bewilderment and casts it as renouncing its leadership in the world, yet leadership is not just blindly following a path to ruin but instead forging ahead down new and promising paths. In this sense the US is indeed still "leading" and it is the EU that stands firm in its intransigence and refuses to follow the leader. Yet it need not be this way and the EU very well could follow the US away from the excesses of hegemonic liberalism. There are signs of change in the air. This is politically interesting and the eventual outcome is not at all clear.
On the other hand, the emergence of China, India, and to a lesser extent Russia (as a puppet of the Chinese) upon the world stage as independent actors, out of the shadows of Western domination, is another way in which the US is "losing control" but this is much less politically interesting in the sense that it was an inevitable and expected outcome. There is nothing the US has done, is doing or could do that would diminish non-Western ambition and agitation for power.
Yes "we" can, but the difference is that in a liberal order "we" at least ostensibly represents the people, and in an illiberal order, "we" represents a naked power grab by whichever elite group currently has the reigns.
On the other hand, the emergence of China, India, and to a lesser extent Russia (as a puppet of the Chinese) upon the world stage as independent actors, out of the shadows of Western domination, is another way in which the US is "losing control" but this is much less politically interesting in the sense that it was an inevitable and expected outcome. There is nothing the US has done, is doing or could do that would diminish non-Western ambition and agitation for power.