A second South American dreadnought round

How far might the South American naval arms race continue by 1920?

It could enter another round once Chile receives both Almirante Latorre-class battleships, encouraging Brazilian and Argentine responses.

Without wartime requisition, Chile acquires two powerful ships that alter the regional balance. Brazil's economy may weaken, but fear of takeover by stronger neighbors can still drive expensive purchases. Argentina faces the same pressure to respond rather than accept Chilean superiority. Another round is plausible, with exact orders depending on national finance and political appetite.