[171] At this time, Eisenhower gave his Chance for Peace speech in which he attempted, unsuccessfully, to forestall the nuclear arms race with the Soviet Union by suggesting multiple opportunities presented by peaceful uses of nuclear materials. Biographer Stephen Ambrose opined that this was the best speech of Eisenhower's presidency.[172][173] Eisenhower sought to make foreign markets available to American business, saying that it is a "serious and explicit purpose of our foreign policy, the encouragement of a hospitable climate for investment in foreign nations."[174]
Nevertheless, the Cold War escalated during his presidency. When the Soviet Union successfully tested a hydrogen bomb in late November 1955, Eisenhower, against the advice of Dulles, decided to initiate a disarmament proposal to the Soviets. In an attempt to make their refusal more difficult, he proposed that both sides agree to dedicate fissionable material away from weapons toward peaceful uses, such as power generation. This approach was labeled "Atoms for Peace".[175]
The U.N. speech was well received but the Soviets never acted upon it, due to an overarching concern for the greater stockpiles of nuclear weapons in the U.S. arsenal. 