WI: The Imjin War ends in 1596

The Japanese Invasion of Joseon Korea, also known as the Imjin War, had two phases. The initial first invasion lasted from 1592-1596 was called Imjin Disturbance, which ended in a truce in 1596. However this truce didn’t last, because negotiations fell through. This caused a second invasion in 1597, called the Chongyu War. This phase saw the death of Admiral Yi, and the total withdrawal of the Japanese from Korea

What if, the Japanese, Ming Chinese, and Joseon Koreans were able to negotiate a peace in 1596?

What would be some terms of the peace?
Would the Japanese negotiate favorable terms? Or would the Ming Chinese?
Would the anyone benefit from a earlier peace?
How would it butterfly away certain deaths, like Admiral Yi?
Could The Toyotomi keep their position in Japan?
Would an earlier peace economically benefit the Ming Chinese?
 
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