alternatehistory.com

In 1898 and 1899, the US and Germany looked at swapping an island in the Sulu Archipelago for an island in the recently-acquired German Marshall Islands (Taongi and Eniwetok being the ones looked at).

What if the Germans had simply exchanged the whole of the Marshall Islands and the Americans gave up the whole of the Sulu Sultanate to Germany (thus allowing the archipelago to later be annexed by Japan following WW1)?
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