Dollar diplomacy, known as " policy aimed at furthering the interests of the United States abroad by encouraging the investment of U.S. capital in foreign countries", was initiated by President William Taft. The United States felt obligated, through dollar diplomacy, to uphold economic and political stability. Taft's dollar diplomacy not only allowed the United States to gain financially from countries but also restrained other foreign countries from reaping any sort of financial gain. Consequently, when the United States benefited from other countries, other world powers could not reap those same benefits. Overall the "dollar diplomacy" was to encourage and protect trade within Latin America and Asia.