The concept is relevant to both Liberia, where American loans were given in 1913, and Latin America. Latin Americans tend to use the term "dollar diplomacy" disparagingly to show their disapproval of the role that the U.S. government and U.S. corporations have played in using economic, diplomatic and military power to open up foreign markets. When Woodrow Wilson became president in March 1913, he immediately canceled all support for Dollar diplomacy. Historians agree that Taft's Dollar diplomacy was a failure everywhere. In the Far East, it alienated Japan and Russia and created a deep suspicion among the other powers hostile to American motives.