In a nicely nuanced editorial, “JD Vance is Wrong: The Market Isn’t a ‘Tool’” Wall Street Journal, May 26, 2025, Matthew Hennessey, deputy editorial features editor of the Journal, took issue with Vice-President Vance, writing:
On a recent podcast, New York Times columnist Ross Douthat asked Mr. Vance for an example of how his Catholicism influences his politics. His first instinct wasn’t to cite the social issues typically associated with conservative Catholic political concerns—abortion, immigration, sexual ethics—but to launch a missile at the market. “Well, I think one of the criticisms that I get from the right is that I am insufficiently committed to the capital-M market,” he answered. “The market is a tool, but it is not the purpose of American politics.”
Later in his editorial Hennessey wrote:
Markets, whether for cheap consumer goods or government bonds, can’t be bullied into compliance with a political agenda. They aren’t governed by the philosophies and desires of men like Mr. Vance. They are governed by the laws of economics the way the physical world is governed by the laws of gravity. You can moan about them all you want, you can lament the trade-offs they demand and the constraints they impose, but you can’t ignore or wish them away. No amount of political will or spilled ink can overrule them. Supply and demand are undefeated.
Note: Because of my contract with the Wall Street Journal, I am not allowed to quote more than 2 paragraphs from a Journal article until 30 days after it appears. But you can find a longer segment from Hennessey’s editorial here.
Vice-President Vance wrote a response, and I responded to him. Here are 2 paragraphs of my 3-paragraph response:
Mr. Vance writes that President Trump has also “leveraged access to America’s markets” to get “fairer treatment from foreign partners” on trade, illegal immigration and illegal drugs. But that isn’t using markets as a tool, either; it’s coercively regulating markets to get the president’s desired results. Parenthetically, do Messrs. Trump and Vance really believe Canada’s government can substantially reduce the amount of fentanyl passing through its border with the U.S., which at 43 pounds in fiscal 2024 was 0.2% of the volume seized along the U.S.-Mexico border?
Mr. Vance asks, “Should we allow enormous volumes of Mexican produce or Chinese autos to decimate productive American industries—or should we use tools like tariffs and trade remedies to protect them?” Allowing Chinese electric vehicles into the U.S. wouldn’t decimate domestic production, especially if Mr. Trump succeeds in ending EV mandates so that U.S. firms can do what they do best: produce gasoline-power vehicles and hybrids. Preventing people from buying cheaper foreign produce disproportionately hurts poorer families. The vice president unwittingly gives the game away: Tariffs, not markets, are the tool.
You can find my whole response here.
