In an effort to try to fix the damage from the book, Bannon said his "treasonous" comment was directed at a former Trump campaign manager, Paul Manafort, who also attended the meeting at Trump Tower. "When he was sacked, he not only lost his job, he lost his mind", Trump said.
After he left the administration, Bannon returned to his post leading the right-wing website Breitbart, where he continued to oversee positive coverage of Trump.
But he appears to have become increasingly isolated amid reports that he had lost the support of a major financial backer.
Bannon provoked Rebekah Mercer's ire by making critical comments about Trump and his family to author Michael Wolff for his book "Fire and Fury, " published last week. One said Bannon was telling people as recently as Monday that he expected to stay on.
Miller also criticized Bannon, who is quoted extensively in the book, saying it was "tragic and unfortunate" that Bannon "would make these grotesque comments so out of touch with reality and obviously so vindictive".
Bannon has also lost his talk show on SiriusXM radio, the company said on Tuesday.
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Bannon wrote in a statement he was "proud of what the Breitbart team has accomplished in so short a period of time in building out a world-class news platform".
In the book, Michael Wolff describes Trump's erratic and eccentric everyday life in the White House, which has led many to question whether Trump is fit for office.
"The three senior guys in the campaign thought it was a good idea to meet with a foreign government inside Trump Tower in the conference room on the 25th floor - with no lawyers".
Some aides said they believed they were talking to Wolff "off the record", meaning that they would not be publicly associated with their remarks. Bannon called the meeting "treasonous" and "unpatriotic", and said that investigators would "crack Don Jr. like an egg on national TV".
He added: "It goes through Deutsche Bank and all the Kushner s***. They're going to roll those two guys up and say play me or trade me".
To appear to give the Russian Federation inquiry credibility and to suggest the son that bears Donald Trump's name would be humiliated on his favourite medium of television - you can only imagine the reaction to that.
Mr Bannon told Axios in a statement that Mr Wolff misquoted him: "My comments were aimed at Paul Manafort".