A dominant Liverpool showing meant little as Christian Pulisic's double helped Borussia Dortmund to a 3-1 win in North Carolina.
With the number of chances created, the Reds should have begun their International Champions Cup with victory, and led for 40 minutes once Virgil van Dijk headed in Andrew Robertson's cross from a corner with 25 minutes gone.
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But having barely had a kick, Dortmund were level when half-time substitute Pulisic was taken down by James Milner in the Liverpool box, and the American took the ball from Mario Gotze before dispatching the resulting penalty in front of his home fans (66).
Jurgen Klopp's team resumed control against his former side but from a late break, Pulisic put the German side ahead in the last minute before he saw a shot palmed straight to Larsen in added time, who added a third to teach Liverpool a harsh lesson in efficiency.
Liverpool named a strong team to face Dortmund, with Virgil van Dijk and Fabinho both starting.
Dortmund's team was more youth-focused, allowing Jadon Sancho a start in attack, with fellow Englishman Denzil Boadu in midfield.
Van Dijk's header was the only shot Liverpool registered before the break, as they probed without breaking through against a young Dortmund side, who named Jadon Sancho in attack, as well as fellow Englishman Denzil Boadu in midfield.
Dortmund's one first-half chance fell to Maximilian Philipp when Karius, out of his box to cut out a through-ball, sliced his clearance straight to the forward, but his first-time shot lacked power and precision, ending wide with the goalkeeper ready to cover.
The second half, with both teams making wholesale changes, was a thoroughly different affair. Milner curled an effort no more than a foot over the bar when given space to shoot just outside the area, before Dominic Solanke nodded a golden chance from inside the six-yard wide of the far post from another short corner.
The crucial minute of the match began when Sheyi Ojo was played in by Daniel Sturridge, but allowed Marwin Hitz to make a good save with his legs when he should have been left helpless.
As Dortmund broke, Milner brought down Pulisic in the area and he smashed the resulting penalty down the middle to bring his side level, despite having been second best for so long.
Liverpool: Karius (5), Clyne (6), Matip (6), Van Dijk (8), Robertson (7), Fabinho (7), Lallana (6), Jones (6), Camacho (7), Origi (6), Markovic (5).
Liverpool continued their assault on the Dortmund goal as Solanke's wonderful lofted pass from the left was caught on the volley by Alberto Moreno inside the box, but diverted it only straight at Hitz.
The Reds were again punished when Dortmund broke rapidly from a goal kick, and Marcel Schmelzer picked out Pulisic with a low cross. He took a touch before wrong-footing Karius and shooting low into the corner.
The goalkeeper could not be found at fault for that goal - but he was far from blameless as Dortmund added a third in added time. Pulisic was again at the heart of things, turning Moreno inside and out before striking goalwards from the right of the box. Karius palmed his effort straight at Larsen, who had the easiest of finishes from four yards to put Dortmund out of sight.
Liverpool face Manchester City at 1.05am on Thursday morning, while Dortmund take on Benfica at the same time.
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