OK to your question:
For the USA
- the protected Cruises commissioned after the 1886, get easily doubled, But at the same Token, Chile Will probably Forbid the sail for the Magellan and drake Passage, which will give a serious bump to the California Shipyards and Dry docks.
- A more obvious Support to Peru and Bolivia with the intention to maintain both countries as Chile´s enemy
- In the long run a mayor expansion in the Navy an Probably a Earlier Spanish-USA war(no later than 1890) if only to reaffirm themselves in his place under the sun
- a more Aggressive political and military Expansion by the USA and trying to diplomatically force Chilean hand, situation that they will do eventually,
-The cease fire between Chile and USA was understated by the USA as a time to remake their Navy for a Colombian War 2.0, as the blow was more a "we don´t have any more ship to send to the war" than a serious defeat of the USA.
-If Cleveland can spin the war as a Something imposed to him by the previous government policies, he was a notorious isolationist, that he in his short stay in the White house, the crisis took place barely a month after he took office, was impossibility to stop, his legacy will be maintained, as long as he support a expansion of the navy.
-Direct Intervention of USA troops in any future Panama Independence war.
For Chile
- Election of Balmaceda, and a support of his plan to expand the public expense as Chile now have a powerful enemy in the north.
- By the Same token NO 1891 Chilean Civil war, as the war was about public expenses and with a now more clear and justifiable threat is easier to open the purse, specially because the war was not a easy win, and the money will come from the tariff to the Saltpeter exportation.
- Probably a new European mission with the intention to attract colonist to Chile to develop the southern place
- Public expense to develop a national shipyard industry.
- Distrust of USA capital and preference of European Capital, probably England, Germany and France, in that order.