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What if German mobilization plans for Navy were not modified to favor U-boats? What if Hitler decides that for political reasons (US influence) unlimited submarine warfare will not be conducted?
Basically the limited number of submarines Germans have are used for cruiser warfare in far seas (under cruiser rules), in UK home waters and in support of major naval tasks. Convoys are attacked if spotted, but wolfpacks are not used.
UK and France will still operate convoys as per prewar plans. This is the factor which will cause more traffic delays than submarine attacks.
Questions are:
Could the US participation in the war be delayed?
Resources spared from U-boats would be most likely funnelled into construction of light naval assets. What effect would smaller number of RN light units to Mediterranean have on war there?