The numbers: The U.S. trade deficit in goods in August widened to a seasonally adjusted $75.8 billion, according to a preliminary report released by the Census Bureau that excludes services.

Exports fell 1.6% while imports rose 0.7% in what looks to be the worst showing since February.

Retail inventories rose 0.8% and wholesale inventories increased 0.7%.

While the widening trade gap should reduce third-quarter GDP, the increase in inventories may offset that.

What happened: Americans snapped up foreign autos, which rose by 3.2% during the month. But exports deteriorated — in part because of China’s sudden resistance to U.S. soybeans, as foods, feeds and beverages exports tumbled 9.5%. China has stopped buying soybeans in retaliation to the U.S. tariffs against the second-largest economy.

The big picture: There’s good and bad news in the trade picture. Imports have been strong because the U.S. economy has been growing rapidly; conversely, tariffs enacted by the White House against China and a host of aluminum and steel producers have raised the cost of doing business.

Ahead of the government’s report, JPMorgan Chase analysts calculated that the trade-weighted effective U.S. tariff rate has climbed to 3% from 1.7% last year. Increasing tariffs further on China, as proposed, would take that rate to 6.2%, and a 25% tariff on all autos would boost the U.S. rate to 9.1%.

The harder line comes as Americans have their doubts on trade’s effectiveness. A study from the Pew Research Center found that while 74% thought trade was “good,” just 36% thought trade creates jobs and only 31% thought it increased wages.

What they’re saying: “Now, the data capture the simple point that the U.S. economy’s supply-side does not have the slack needed to meet domestic demand pumped up by the tax cuts and government spending increases. The deficit has further to rise,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics, who called the report “terrible.”