Assume for the sake of argument that Nazi Germany defeats the USSR and gets very lucky (similar to the scenario in Fatherland), leading to them being in charge of the European continent. They negotiate a truce with the USA, and a Cold War of sorts begins.
What sort of proxy wars and conflicts would take place between the two powers, and who might nations align themselves with? IMO Nazism isn't quite as exportable as communism was given its inherently racist undertones.
Personally I think Latin America becomes solidly American-aligned. Without Europe, the US needs a counterweight to Nazi influence, and the Monroe Doctrine could be used to justify quashing any pro-Nazi regimes in Central or South America.