President William Taft's foreign policy was called "dollar diplomacy," and it involved expanding United States foreign trade. Although Taft attempted to promote American goods abroad, his efforts were mainly unsuccessful.
William Taft made more of an effort to promote U.S. foreign trade abroad via a program that became known as dollar diplomacy. His efforts included using U.S. government officials to promote products overseas. He paid particularly close attention to targeting South America, the Caribbean, the Far East and Central America.
In addition to promoting products, Taft attempted to expand American economic gains by encouraging banks to invest in Honduras, which was suffering with debt. In addition, he sent the U.S. military to support Honduras' government, which was pro-U.S. at the time, but was facing opposition from civilians.
Although dollar diplomacy established some successes, it did not counter revolutionary attempts in Mexico, Nicaragua, China and the Dominican Republic. In addition, trade between the U.S. and China declined during Taft's presidency.
Taft did make attempts to strengthen U.S. relations with certain regions by taking part in the Pan-American Conference, which aimed to find ways to slow down the country's influence in certain regions. Despite this, Taft attempted to counter Mexico's revolutionary efforts by sending U.S. troops to the border. Eventually, opposition from Congress made him withdraw.