A faster New Mexico class triggers a battleship speed race

How would other navies react to a New Mexico-class design matching Queen Elizabeth's speed?

Britain and Japan would respond with faster capital ships, because the American design would erase an important British speed advantage.

The comparison gives American battleships an advantage in volume of fire and British ships an advantage in speed and somewhat harder-hitting guns. Matching Queen Elizabeth's speed would remove part of that British advantage. The Royal Navy would react first, with Japan also seeking faster ships. The answer concentrates on speed; the gun calibre in the spoken question is unclear.