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If the United States had stayed completely neutral throughout the entire course of WWI, trading with both sides but never entering the war or directly participating in the peace negotiations, how would the war most likely have gone? Would Germany's Spring Offensive have succeeded without American troops in France? Would the Entente have won, but have taken longer to do so? What might be some of the wider effects?

(Note: I'm not interested in discussing how likely American neutrality was or how it might come about-consider it handwaved for the purposes of this thread. I'm more interested in how WWI would have gone without America.)
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