I tend to see basically an armistice among the main surviving combatants, possibly resolving into a series of bilateral "white peace" treaties. No overall peace treaty would exist and there would be lots of unresolved issues leading to a host of minor conflicts and revolutions. Much more than OTL WW1, people would consider the peace as merely a pause a long term global power struggle that had yet to be resolved.
I think Germany would be absolutely pleased as punch to forgoe any claims on its former overseas colonies if Britain would be willing to accept Germany's ability to get whatever it wanted for itself and its allies from defeated France, Italy, and Russia. This would entail a lot of border realignments, annexations, reparations, "temporary occupations", made-up new nations to suite German interests, but probably no more radical than what the allies did to Germany and its allies. Germany would also have no ability to enforce peace terms outside of Europe, while Britain could still enfore the naval blockade. In this environment, Germany would be wise not to overreach. Of all the remainig powers still in the war (except the US), Britain is best situated to resume hostilities in a way that harms its enemy. In the scenario of this TL, you'd probably see an armistice between Britain and Germany, but political realities in both Germany and Britain might make negotiating a formal peace treaty with these terms a long time coming.
In this scenario, the US would have essentially been a combatant against the Central Powers in name only. This would be the easiest "white peace" in Europe to acheive. No US troops would have been engaged in France or captured. Losses on both sides (US and German) resulting from US entry in the war would be minimal and most likely involve naval action associated with the submarine campaign. I think the US would simply take the "woops, things have changed, not our fight anymore" tack and sign a quick armistice with the Central powers based largely on a return to peace between Germany and the US, and some nice sounding and enforceable claptrap about Germany renouncing unrestricted submarine warfare. The US would quickly forget Wilsons 14 points. The US might ask for some recompense for US ships sunk in the brief period of US involvement, and Germany might just agree to do this. Probably an actual bilateral peace treaty follows fairly shortly.
As noted in other posts, Germany has neither the ability or probably the overriding desire, to enforce terms on Japan or China. Since Germany had already considered making some backdoor deals with Japan against the USA in the event of US entry into WW1, they might see both China and Japan more as potential future allies against a resurgent Anglo-American alliance than as enemies. I would imagine immediate armistices and "white treaties' based on the ground conditions in Asia, return of the few Japanese naval units in the Mediterranean to Japan, return of any Chinese forces that might be in Europe (were there any?), followed by some serious discussions in Potstam and the Reichstag regarding which of the two mutually hostile Asian nations Germany should ally itself with.