How the revised treaty restarts capital-ship building

Separating battleships, battlecruisers, and carriers turns Washington from a near building holiday into a controlled construction program. Britain could replace obsolete 12- and 13.5-inch-gun battleships while ordering a family of battlecruisers for the Royal Navy and the Dominions. Japan's unused allowance supports three modern 35,000-ton battleships, and the United States can finish the Lexington battlecruisers while still developing a large carrier. France and Italy must decide whether to modernize with new designs, adaptations, or no construction at all. Construction would continue at a low rate across every major naval-industrial base while remaining far below the pace of an unrestricted arms race.