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It was a step towards racial equality and a major point in the Civil Rights Movement. Although it took the Voting Rights Act to finally enforce it, African Americans were supposed to be citizens with the right to vote since the passage of the 14th and 15th Amendments to the Constitution.
The French had excepted to control the negotiation. France lost all of its territory in North America to the Spanish and English/Americans. France only kept a few islands in the Caribbean. Everything West of the Mississippi River and all of Canada was given to the English/Americans. Spain got New Orleans and everything east of the Mississippi River. The English got Florida from Spain when they traded New Orleans and Florida in the Treaty
The policy is known as the "Open Door Policy."
John Hay created this idea in hopes that America and countries all over Europe could trade peacefully with China. This concept was developed in order to protect America's trade interests while also ensuring that no other country would establish a monopoly on trade with China. Within this policy, all countries would agree not to interfere with another country's trade with China.