[81]
There was broad agreement between Taft and Knox on major foreign policy goals; the U.S. would not interfere in European affairs, and would use force if necessary to enforce the Monroe Doctrine in the Americas. The defense of the Panama Canal, which was under construction throughout Taft's term (it opened in 1914), guided United States foreign policy in the Caribbean and Central America. Previous administrations had made efforts to promote American business interests overseas, but Taft went a step further and used the web of American diplomats and consuls abroad to further trade. Such ties, Taft hoped, would promote world peace.[81] Taft pushed for arbitration treaties with Great Britain and France, but the Senate was not willing to yield to arbitrators its constitutional prerogative to approve treaties.[82]

Tariffs and reciprocity
At the time of Taft's presidency, protectionism through the use of tariffs was a fundamental position of the Republican Party.[83] The Dingley Tariff had been enacted to protect American industry from foreign competition. The 1908 party platform had supported unspecified revisions to the Dingley Act, and Taft interpreted this to mean reductions. 