Also true for the Far East. If Britain made peace with the Axis in 1940, then America has no reason to get involved in the war in Europe, meaning that FDR will fully devote US resources towards expanding the American empire in the Far East. Japan is still being run by crazy war cultists and FDR was already ramping up the military for a war that he was pressuring and provoking the Japanese to shoot first in. Atomic bomb development will be stifled as Germany won't be bleeding anywhere near as many nuclear scientists to the US, meaning that the US' war in the East will not be able to shock & awe their enemies to surrender, so the wars drag out and a whole lot more people will be killed or starve to death. Probably lots of fighting in Japan, Indonesia, Korea, and in China, parts of which could eventually become American territories.
I wonder how Russia would look like in this timeline, with the Soviets being tied up with the Axis. The US would probably come after the Soviets from the Far East and Russia would be fighting wars on all fronts.