POD: Congress refuses to pass the Lend-Lease Act, and Roosevelt loses re-election to Robert Taft in 1940. As a result, the Germans are able to bomb Britain into an armistice agreement following the fall of France before rearming and setting their sights on the Soviet Union.
The terms of the armistice cut the size of the British Army to barebones level and disarmed the powerful British Navy. Lord Halifax, the man presiding over the event, did so with great heartache, but agreed nonetheless to the Germans' terms. Asylum seekers would also be returned to Germany as a part of this deal, perhaps the most egregious (and least followed) term of the armistice on the part of the British government.
Following this, Germany began its preparations for Operation Barbarossa, to be launched in 1941, while helping Fascist Italy and Nationalist Spain clean up any resistance in Africa and taking control of former French and British colonies ceded to Germany in the armistice. Humiliated, the British public went to the polls in 1940 and threw out the Conservatives, putting Clem Attlee in power on a promise of establishing a 'fair and secure Britain'.
In June 1941 Germany invaded the Soviet Union. It's principal ally, Japan, would attack the far eastern portion of Russia on December 7, 1941, opening up a two front drive against the Soviets. With French, Spanish, and Italian volunteers, the German military fought on for two long years, eventually signing an armistice with the Soviets in 1943, though now occupying most of European Russia. The Japanese would be granted the whole of Sakhalin and minor portions of the Far East in their peace terms, which wouldn't be signed until 1945. A peace would also be brokered in the ongoing Second Sino-Japanese War on the part of Germany in 1945, with German recognition of Nationalist China and Chiang's acceptance of Japanese occupation of some regions of the country.