This was necessary to “counter malign forms of Chinese and Russian influence in Latin America and the Caribbean”, according to the report.
“The security and prosperity of Latin America and the Caribbean have a direct impact on the US,” said Juan Gonzalez, who works on Western hemisphere affairs at the National Security Council.
In contrast, China “offers low prices, extended financing and lots of support”, he said, observing that countries make choices heeding “their interests and finding assets that they can afford to help build up their arsenal”.
China ahead of US in global diplomatic presence – but does it mean influence?
China ahead of US in global diplomatic presence – but does it mean influence?
This was one of the main reasons Beijing in recent years had been so successful vis-à-vis Washington in the region, Gonzalez added.
The Chinese embassy in Washington could not immediately be reached for comment.
Another challenge was that the Inter-American Development Bank – a Washington-based institution that for decades served as a primary source of development financing in Latin America – had lagged in luring investment from private companies in the US.

Mark Wells, a deputy assistant secretary of state for Western hemisphere affairs, said “a lot of [Biden administration initiatives in the region] deserve a couple more zeros at the end when it comes to funding”.
But he argued the US had tried to “prove the concept that we are ready for a new era in Latin American relations”.
“This is a way to expand our cooperation and financing for high-quality critical infrastructure and other strategic economic sectors,” he said.
US development official contrasts ‘big-hearted’ aid with China ‘debt traps’
US development official contrasts ‘big-hearted’ aid with China ‘debt traps’
Despite the ideas, Latin American officials at the event on Monday called for greater political willingness in Washington to bolster relations.
Javier Milei, Argentina’s new president, had called for heightened US engagement on issues such as free-trade agreements, she said.
China’s Latin American investments downshift to smaller, more strategic projects
China’s Latin American investments downshift to smaller, more strategic projects
“And this is actually not something the US should do to counter Chinese or Russian influence” in the region, Mondino added.
“That’s not the point. The US has to get back to doing the right thing … promoting trade, upholding the rule of law and becoming a customary partner.”