The US trade deficit in goods widened for the third consecutive month in August and was edging close to the record high of 76 billion dollars in July 2008, said the US commerce department in a new preliminary report. 

The US trade deficit now stands at 75.8 billion dollars. The preliminary report also shows that US exports fell 1.6 percent partly because of China's retaliatory tariffs on US goods such as soybeans. US foods, feed and beverages exports to China tumbled 9.5 percent last month. Meanwhile, imports rose 0.7 percent, supported by the US' growing demand for foreign autos. 

The growing deficit runs counter to Trump's goal of narrowing the trade deficit, highlighting the challenge of achieving this goal in the face of strong US domestic demand and retaliatory tariffs overseas, according to Bloomberg.

The expansion of the US trade deficit will drag down the growth of GDP in the third quarter, and the impact of tariffs on various industries is also reflected in the expectations of major institutions for the growth of the US economy.

Amherst's chief economist Stephen Stanley cut his forecast of the third-quarter GDP growth from 3 percent to 2.8 percent.

Omair Sharif, an economist at Societe Generale, said that net exports could reduce GDP growth in the third quarter by 1.5 percentage points.

Michael Feroli, chief US economist at JPMorgan, cut his third-quarter GDP growth forecast from 3.5 percent to 3 percent.