I notice people are talking about combat. There is no reason for immediate conflict. This is preWWII, not post, so there is some mistrust, but not the red-terror nuke fears of after.
Economically, the US would be a powerhouse. The US has rivers and locks, as well as barrier island chains, which make transport cheap and easy.
For reference:
View: https://youtu.be/BubAF7KSs64
Add in that in isolationist 1941 US the country produced nearly all the goods it needed. While there was international trade and the beginnings of globalization, it was minor compared to today.
No need for computer chips made of materials from 5 countries and assembled in another. They could, and did, make it all themselves.
USSR is still largely a peasant oriented economy in many parts. It had just undergone an artificial famine and genocide in Ukraine. Agricultural technology wouldn't really boom until later in the 20th century. Sure there were parts that were industrializing with some very dense urban centers, but largely it is very empty.
Everything for them depends on the railway. If it goes down for any reason trade and transport stops until it is repaired.
If it is destroyed for some reason (natural disaster, Herd of Wooly Mammoths, sabotage, etc...), expect to see divisions between western and eastern parts of the USSR in the subsequent decades.
Alaska, being so close to Russia, would be a vital spot for refuling, trade, and defense. The Philippines would probably be seen as a similar spot between Russia and other Pacific US territories, but I would expect them to chafe, especially if the US decides to reneg on the deal. As the US has a pretty terrible record of keeping deals with indigenous peoples, it is not outside of the realm of possibility.
I don't see FDR breaking that deal, but that is still a possibility.
Key for conflict would be Stalin's ego. Before he took power, there was actually a lot of scientific knowledge passed back and forth between the two nations.
I don't see the isolationists of the US starting conflict. If anything I'd see them as crowing about how they were right.
Without the pressures of Nazis and Imperial Japan to prompt building a nuke, I don't anticipate an immediate replay of the Cold War.