Former Trump advisor Steve Bannon on reopening U.S. economy and how China's handling coronavirus

President Trump hosted business executives at the White House on Wednesday to discuss efforts to reopen the economy. Steve Bannon, host of the podcast "The War Room—Pandemic" and former White House chief strategist, joins "Squawk Box" to discuss what it will take for the U.S. economy to get back on track after the coronavirus pandemic.

Former White House chief strategist Steve Bannon on Thursday sharply criticized China’s handling of the coronavirus outbreak, suggesting the country should be held financially responsible for the pandemic.

“The Chinese Communist Party is going to have to pay,” Bannon said on CNBC’s “Squawk Box.” “I think the world’s going to hold them in judgement, and that judgement is not going to be very pretty. They owe trillions, if not tens of trillions of dollars,” he added.

Bannon, a longtime China critic, said the Chinese government was purposefully misleading about the deadly virus outbreak when it began in the country late last year.

He pointed to early suggestions from officials in the country that the virus could not be transmitted from person to person, before ultimately confirming it could be in late January.

“They tried to protect it going around the rest of China but they didn’t care about it going around the rest of the world,” said Bannon, who used to run far-right Breitbart News. A more transparent response from the Chinese government could have saved lives and prevented economic damage, he added.

More than 3.2 million people worldwide have been infected with Covid-19, according to Johns Hopkins University data. At least 228,000 people have died.

U.S. intelligence officials reportedly believe China also is deliberately miscounting the number of deaths and cases in the country. According to JHU data, there are just under 84,000 confirmed cases in China and 4,637 deaths.

Bannon praised U.S. officials “regardless of political ideology,” from President Donald Trump to governors across the country, for how they responded to the pandemic given early information on the outbreak was “hidden from us and people lied about it.”

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