Cherry Tree Oozing Sap and Losing Bark

I'm so grateful to have found this site. My cherry tree, newly planted in April with good watering has a spot where the bark is peeling badly and is separating like a wound. The soil line has an area where amber colored sap is excreting. Sometimes it has whitish coloring to the underneath sap.

There is no evidence of any bugs, so I'm assuming its a borer. I used Bayer Systemic Tree and Shrub Care 5 weeks ago, but the sap is still there. It does seem to be a tad less. Some say try to kill the borer with a knife or wire, but who know if that what's wrong or where it is. I was hoping the Bayer would help. I don't want to lose this tree. What else can I do? Please help. My dogwood some 30 feet away had a borer that left it with D shaped holes and the trunk is now like a 2x4 of dead wood. Although it has some leaves, I think it going to die. Could it be the same bug? Thanks.

By Linda