WI Mackenzie King negotiates free trade in '46?

IOTL King negotiated a draft "reciprocity" deal with Truman in 1946, a free trade agreement in all but name. Remembering 1911, he backed down. WI he didn't and the agreement was signed and ratified? Consequences, both economic and political for both countries? I don't see the Tories making major hay of this, and King will retire in 1948 on schedule.
 
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