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Honestly? It’s because American is fascistic, American Capital recognises a threat, and is deploying propaganda to make good on it.
If all non-western voices are effectively censored from major communication channels, and the portrayal is entirely done by people funded by American capital, it’s inevitable that there’d be fear.
The same happened to the USSR, and Japan.
As you say, at its core it taps into the fear that America will end up at the bottom of the fascistic hierarchy. There’s no ability to imagine a world of cooperation, or common destiny.