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Dollar diplomacy of the United States, particularly during the presidency of William Howard Taft (1909–1913) was a form of American foreign policy to minimize the use or threat of military force and instead further its aims in Latin America and East Asia through the use of its economic power by guaranteeing loans made to foreign countries. [1]
Although exports rose sharply during Taft's administration, his Dollar Diplomacy policy was unpopular among Latin American states that did not wish to become financial protectorates of the United States. Dollar Diplomacy also faced opposition in the U.S. Senate, as many senators believed the U.S. should not interfere abroad. [206]
Under Taft the focus of foreign policy was the encouragement and protection of U.S. investments abroad called Dollar diplomacy. This was first applied in 1909, in a failed attempt to help China assume ownership of the Manchurian railways. [ 13 ]
By 1912 the ongoing political conflict in Nicaragua between the liberal and conservative factions had deteriorated to the point that U.S. investments under President Taft's Dollar Diplomacy including substantial loans to the fragile coalition government of conservative President Juan José Estrada were in jeopardy.
Dollar diplomacy; Income Tax amendment; Payne–Aldrich Tariff Act; Wireless Ship Act of 1910; Mann–Elkins Act; Defense Secrets Act; Radio Act of 1912; Commission on Economy and Efficiency; U.S. occupation of Nicaragua
Authorizing Reinstatement of H. Norman Fleming as Clerk in Pension Office Without Regard to Civil Service Rules March 3, 1913 694 1740: Authorizing Appointment of Catherine Branan as Charwoman in Treasury Department Without Regard to Civil Service Rules\ March 3, 1913 695 1741
Taft sought to lower tariffs—a tax on imports—then a major source of governmental income. However he was out-maneuvered. The new Payne–Aldrich Tariff Act of 1909 raised rates when most people expected reductions. Taft expanded Roosevelt's efforts to break up trusts, launching legal cases against U.S. Steel and other
Dollar diplomacy was the policy of the Taft administration (1909–1913). The goal was to minimize the use or threat of military force and instead use American economic power to create a tangible American interest in China that would limit the scope of the other powers, increase the opportunity for American trade and investment, and help ...