The US raised tariffs on US$200 billion (S$273 billion) worth of Chinese imports, from 10 per cent to 25 per cent last Friday.
"Well if it's a tariff on goods coming into the country, the Chinese aren't paying", Wallace pointed out. "It's not China that pays tariffs, it's the American importers, the American companies, that pay what is, in effect, a tax increase, and oftentimes they pass it on to American consumers". "I've got these tariffs on your goods right now, '" Bannon continued, adding that Trump "stood tall".
Kudlow also said it could be "a couple of months" before Trump is able to impose 25 percent tariffs on a remaining $300 billion worth of Chinese goods.
"We were moving well, constructive talks and I still think that's the case", Kudlow said. But he said the Trump administration has "helped them before on lost exports" with $12 billion in subsidies and that "we'll do it again if we have to and if the numbers show that out".
He then ordered a tariff hike on nearly all remaining imports from China, which are worth about $300 billion, according to US Trade Representative Robert Lighthizer. "In fact, both sides will pay".
Spelling out for the first time what these sticking points were, Vice-Premier Liu He maintained that negotiations have not broken down, even though his meeting with US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer last Friday ended just after 90 minutes.
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The two countries are sparring over USA allegations that China steals technology and pressures American companies into handing over trade secrets, part of an aggressive campaign to turn Chinese companies into world leaders in robotics, electric cars and other advanced industries.
Trump began the standoff past year because of complaints about unfair Chinese trade practices.
The chances of Trump and Xi meeting during the Group of 20 summit in Japan in late June "are probably pretty good", he said.
Earlier on Saturday Trump struck a more belligerent tone, urging China that it would be "wise for them to act now".
While supporters laud Trump as a tough negotiator, free-trade-minded Republicans have warned that the tariffs could do real damage to the economy, and many farmers - including Trump supporters - say the tariffs have hit their bottom line.