It means others have much less power or no power again to restrain you manoeuvring. When it comes to IC chips and chip making equipment, it is obvious that the United States is trying to prevent China and by extension Chinese companies from accessing the most advanced chips and equipment from the rest of the world. It has gotten companies in Japan, Netherlands, and Taiwan to stop or reduce their dealings with China or particular Chinese companies blacklisted by the United States, for example. Now, because China and Chinese companies are presently not capable of producing the most advanced chips and equipment that they want and need, it is a setback. Once China is capable of doing so in areas of tech that the United States does not wish China to have such advanced tech, then the United States has lost power because it can longer prevent China as it wishes to.
Yes, that means US lost power against China not US is necessary losing.