Trump picks senator J.D. Vance as VP, sparks economic debate

Republican presidential candidate Donald Trump has chosen Ohio Senator J.D. Vance as his vice-presidential candidate. This figure is well known to many Americans thanks to his bestseller "Hillbilly Elegy." It depicts his hometown in the Appalachians in Kentucky, detailing the impoverished life in the Rust Belt, once dominated by heavy industry but now in decline.

As CBS News points out, Vance's views on the economy and finance are much less known, even though he worked in finance before climbing the political ladder. According to the broadcasting station, his views were never firmly established and have evolved—similar to his stance on Trump.

However, the former president sees him as embodying his slogan: America First. "J.D. has had a very successful business career in Technology and Finance, and now, during the Campaign, will be strongly focused on the people he fought so brilliantly for, the American Workers and Farmers in Pennsylvania, Michigan, Wisconsin, Ohio, Minnesota, and far beyond," Trump stated in a post on his social media platform TRUTH Social.

To J.D. Vance, ‘America First’ is not just a slogan. It’s his North Star (...) He has followed it in every moment of his life and career. He knows what it’s like to live in poverty, forgotten by Washington politicians. He is dedicated to ensure that no American is ever forgotten again," said Bernie Moreno, who introduced the party's candidate for the Senate.

This is also reflected in Vance's view on the war in Ukraine. In an interview with Fox, the Ohio senator stated outright that the war in Ukraine must end quickly so that America can concentrate on the real problem—China.

Vance is a staunch supporter of Trump's protectionist trade policies. He has repeatedly advocated for trade policies aligned with Trump's vision, which includes imposing tariffs on imports from China and other countries to promote American manufacturing and create American jobs.

"I certainly agree that we need to apply some broad based tariffs, especially on goods coming in from China and not just solar panels and EV stuff," Vance said on CBS News' "Face the Nation" in May. "We need to protect American industries from all of the competition."

CBS News reports that Vance has also regularly criticized the "Big Tech oligarchy" and called for breaking up companies like Google and Microsoft's dominance.

He is also a strong supporter of the fossil fuel industry. He has repeatedly expressed doubts about climate change.

Vance also criticized the Inflation Reduction Act, which CBS explains is an initiative by the Biden administration to encourage Americans to switch from gasoline-powered cars to electric vehicles by offering tax credits for purchasing electric vehicles and electrifying homes to reduce dependence on fossil fuels.

Vance is a fervent supporter of cryptocurrencies. He has accumulated an estimated $4 million net worth through investments in public companies like Walmart and real estate, as well as in bitcoin.

As a senator, he co-authored legislation "aimed at preventing the banking regulators from forcing banks to stop serving disfavored industries such as crypto," according to CBS News.