Emmanuel Macron tried to save his presidency Monday night with a contrite national address. After weeks of “Yellow Vest” protests across France, the leader made policy concessions with a goal of rescuing his ability to drive reform in the three-and-a-half years left in his term.

“We will respond to the economic and social urgency with strong measures,” Mr. Macron said, “by cutting taxes more rapidly, by keeping our spending under control, but not with U-turns.” That’s not entirely true. The protests had already pushed Mr....