Luis Diaz went close on countless occasions, while Andy Robertson missed a couple of massive chances for the Reds.
Sadio Mane had a chance to win the shootout, only to be denied by Senegal teammate Edouard Mendy.
It finished goalless after 90 minutes at Wembley, though Liverpool will feel they should have won it in normal time.
There was very little in the way of clear-cut chances in extra-time, as for the second time in a cup final between these two sides this season in went to penalties.
Unlucky not to have a couple of assists, after playing stunning balls to provide brilliant chances for both Luis Diaz and Andy Robertson which neither were able to take.
Stunning save in the shootout to deny Mason Mount and send his side on their way to victory.
Crucial sliding challenge to prevent Pulisic getting a shot away too.
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