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The most important reason for this was military. It was felt that annexing Hawaii would make the United States stronger.
Annexing Hawaii would make the US stronger in two ways. First, it would give the US a naval base out in the middle of the Pacific. At that time, it was felt that having a big navy with lots of bases was the way to be a major power in the world. Second, it would prevent any other powerful nation from claiming Hawaii. If another powerful country owned Hawaii, it could use it as its own base and potentially threaten the West Coast of the US.
Please note that sugar was not a real reason for annexation. America did not need Hawaiian sugar and annexation was more of a boon to the sugar growers in Hawaii (who were of American descent) than to the US.
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