Which president was known for his "dollar diplomacy" approach to foreign policy?

The concept of "dollar diplomacy" is closely associated with William Howard Taft, who served as President from 1909 to 1913. This foreign policy aimed to use economic power and American financial investment to extend the influence of the United States, particularly in Latin America and East Asia. Taft believed that by promoting American businesses and investments in foreign nations, the U.S. could achieve its strategic goals without resorting to military intervention.

This approach was in stark contrast to the "big stick" diplomacy of his predecessor, Theodore Roosevelt, who emphasized military strength as a means of achieving foreign policy objectives. Taft's focus on economics rather than military might marked a significant shift in U.S. diplomacy.

In summary, using diplomacy and economic leverage was a defining feature of Taft's administration, which is why he is recognized for his “dollar diplomacy” approach.