Modern-sized Panama and Kiel canals before the war

How would larger Panama and Kiel canals built to modern dimensions before the war affect the Royal Navy and merchant shipping?

The Royal Navy gains little beyond easier transit, the United States benefits more directly, merchant ships may grow somewhat, and an enlarged Kiel Canal strengthens German movement enough to make British mining more important.

Royal Navy operations would change little beyond faster or easier passage through Panama. The US Navy benefits more because the canal links its two principal ocean fleets. Merchant ships might grow somewhat, although canal dimensions alone would not transform the trade fleet. An enlarged Kiel Canal helps Germany more, while Britain would treat its approaches as a major mining problem.