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Just a showerthought (really, just took a shower).
Say the Ottomans really do build an early Suez Canal in the mid-sixteenth century, during Suleiman's reign, as the Venetians suggested and as some Grand Viziers wanted to. The Ottomans let all Muslim traders and some Christian allies of the empire (the French, maybe even Venetians) use the Canal in return for a reasonable toll. The Ottomans also use it to transport wood to the Red Sea to build a proper fleet suited to Indian Ocean conditions.
With this Suez Canal in place:
Does the Portuguese spice trade around Africa sustainable? Or is the Canal route so much shorter that the Portuguese trade in Europe collapses entirely?
If Portuguese commerce in Europe does collapse, can the Portuguese sustain themselves on inter-Asia trade alone?
The Portuguese in the Indian Ocean never numbered more than eight or nine thousand. If the Ottomans send maybe 20,000 janissaries straight from Constantinople to India through their fancy new canal, can the Portuguese survive?