Who loses from a 24,500-ton carrier limit?

Which navy loses most if the London treaty limits carriers to 24,500 tons?

The United States loses most, with Japan also disadvantaged, because both favor larger strike carriers.

American and Japanese doctrine favored the largest carriers permitted for concentrated strikes. Britain instead tried to divide its treaty allowance across more hulls, seeking roughly six carriers where the standard calculation produced five 27,000-ton ships. Existing Lexington conversions would also consume treaty tonnage under the proposed limit. The lower individual ceiling therefore fits British force-distribution preferences better than American or Japanese plans for concentrated carrier air power.