Steve Bannon has defended Donald Trump’s controversial tariff policies on GB News, dismissing concerns about price increases as a “false narrative” pushed by the media.The former White House strategist claimed that warnings about rising prices lack evidence, comparing it to what he called media lies about other issues.”The only reason people are concerned at all is because the running dog media, which acts as a mouthpiece for the capitalists on Wall Street and the lords of easy money, continues to push this false narrative that prices are going to rise,” Bannon said.Bannon insisted that the market had not crashed as predicted but merely experienced an “adjustment”.Steve Bannon has backed the president REUTERS / PA”I never said there wouldn’t be any turbulence, but there was no crash, and gold didn’t shoot through the roof. None of the prophecies from yesterday came to pass,” he told GB News.He pointed to previous tariff policies as evidence that concerns were unfounded.LATEST DEVELOPMENTSHow Trump’s tariffs impact the UKGB NEWS”We imposed some of the strictest tariffs ever on China in 2017 and 2018, and prices didn’t go up at all on Chinese products,” Bannon claimed.Trump last week imposed a 10 per cent minimum tariff on all imports and higher reciprocal tariffs on major trading partners, including China and the European Union.The baseline tariff took effect on Saturday, with reciprocal tariffs set to begin Wednesday.Chinese imports were effectively hit with a 54 per cent tariff, combining the new 34 per cent tariff with recently imposed 20 per cent tariffs on Chinese goods.Donald Trump announced the retaliatory tariffs last weekGETTYChina responded last Friday by becoming the first country to impose retaliatory tariffs, with the EU planning its own measures from 15 April.Bannon characterised Trump’s approach as part of a long-term economic nationalist strategy.”This is core Trump. He’s been thinking about this for 40 years,” Bannon said, adding that Trump had been considering these policies deeply since leaving office.He framed the tariffs as aimed at “bringing massive amounts of capital investment, plants, and high-value-added jobs back to America”.Bannon claimed that Democrats had “abandoned the working class”, suggesting this explained their electoral losses.He insisted the policy would continue despite criticism from what he called “globalists in panic mode”.Trump has escalated tensions further by threatening an additional 50 per cent tariff on Chinese imports if Beijing doesn’t withdraw its retaliatory measures.”If China does not withdraw its 34 per cent increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50 per cent,” Trump posted on Truth Social.At a White House press conference on Monday, Trump reinforced this position, stating: “If that tariff isn’t removed by tomorrow at 12 o’clock, we’re putting a 50 percent tariff on above the tariffs that we put on.”