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"retrenchment of" is a correct and usable phrase in written English.
It is often used to describe the act of cutting down or reducing something, especially in terms of expenses or resources. Example: The company announced a retrenchment of its workforce in order to save costs and remain profitable in the current economic climate.
Exact(59)
It seeks a major retrenchment of the welfare state.
After an underlying retrenchment of about 4%, Portugal is nearly half way towards reaching that objective.
Moreover, the resulting loss of tax revenues could impel additional retrenchment of the federal budget.
Their growth has been helped by the retrenchment of some international banks in recent years.
Today, the retrenchment of American technology companies has created another kind of contagion.
The retrenchment of corporate investment, in his view, may be nearing its end.
The rise of the agreements resembles the retrenchment of the American newspaper industry, but it has been far less publicized.
We can expect a lowering of the safety net, especially a retrenchment of Medicaid and a marketization of Medicare.
People have been predicting the death, or at least severe retrenchment, of the car virtually since its invention.
This would be especially true of the Republican agenda calling for a major retrenchment of the welfare state and additional tax cuts tilted toward the affluent.
Jalili, who is forty-seven, assumed the nuclear portfolio in 2007, and presided over a retrenchment of Iranian foreign policy under President Mahmoud Ahmadinejad.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com