The key here is the black canker indicating signifiant bark damage. The orange is probably a fungal condition phytophthora canker which make that rust sap. Most of the time, the bark is injured and the fungus settles in. Given that this is on the trunk, not a branch, control will be difficult.  
I suggest that you hire an arborist to confirm the diagnosis.  https://extension.umn.edu/planting-and-growing-guides/how-hire-tree-care-professional
Thank you for writing.