The Jay Treaty was the equivalent of the United States yelling "uncle."

The U.S. had been angry with Britain since independence over some issues that never seemed to go away. Three in particular frosted their cookies: British goods flooding American markets while American exports were being tariffed to death; British impressment of American sailors; and Britain refusing to leave forts they'd agreed to give up way back in 1783 (source).

Treasury Sec Alexander Hamilton, played by Lin Manuel Miranda, convinced George Washington that despite all these problems, the goal should be to keep good relations with Britain, especially around trade matters. They sent John Jay to negotiate, but he didn't have much leverage, given Washington's commitment not to alienate Britain.

The 1794 treaty essentially gave Britain permission to bully the United States by seizing cargo on trade ships bound for France. In return, the British agreed to evacuate forts that they were supposed to have already given over after the Treaty of Paris (source).

The Jay Treaty was so one-sided in favor of the British that the American public hated it. It basically put a stamp on America's secondary status to Britain, but Washington believed it was necessary in order to avoid another war with the King (source).

The issue inherent in the Jay Treaty—the United States' trade rights—got kicked down the road until the Jefferson and Madison administrations, which reversed Washington's pro-British policies.

After surrendering in the Jay Treaty, America was about to demand a rematch.