American building
Even when the USA was an ally of Britian, the battleship building program continued, even though there was no liklihood of them being used in the Great War. So I don't see the program being stopped. Besides, the US needed those ships to counter Japan's building program. And Britian can't just look at who the ships are likely to be aimed at, but that they are there. (And Britian was an ally of Japan at the time.)
That's presuming some sort of Anglo-American tension. By the beginning of the 20th century, especially after the presidency of Theodore Roosevelt (who used his personal friendship with Cecil Spring-Rice as a launch point to cement ties with Great Britain), war between the US and Great Britain became unthinkable for all practical purposes.
True, a war plan (War Plan White, I believe) for a conflict against the British was laid out and updated regularly, but to the best of my knowledge (it warranted only the briefest of mentions in War Plan Orange, for example) it wasn't taken seriously. If anything, the first years of the 20th century saw the beginning of the spirit of cooperation between the US and the UK for security in the Atlantic.
Even when the USA was an ally of Britian, the battleship building program continued, even though there was no liklihood of them being used in the Great War. So I don't see the program being stopped. Besides, the US needed those ships to counter Japan's building program. And Britian can't just look at who the ships are likely to be aimed at, but that they are there. (And Britian was an ally of Japan at the time.)