The Treaty of London (1604) restored the status quo ante bellum. The Protestant reformation in England had been protected and James and his ministers refused the Spanish demand for Catholic toleration in England. English support for the Dutch rebellion against the Spanish king, the original cause of the war, was ended and the Spanish king continued the siege of Ostend. English trade with the Spanish Netherlands city of Antwerp was also restored, while the nascent illegal trade with the Spanish colonies in the New World, was brought to an end. Spain’s upgrading of the convoy system had allowed it to defend its treasure fleets and retain its New World colonies. The war had also diverted Tudor colonial efforts and effective English settlement in North America was delayed until the 17th century. On the other hand, English privateering had devastated the Spanish private merchant marine and Spanish commerce would be increasingly carried on Dutch and English ships.
A treaty had been concluded the previous year between James I and the Irish rebels.