At first I thought that the sentence "What do you make of the argument that..." is just to ask someone for his opinion on something. However, I have also seen some translation explain that such sentence is asking someone to provide arguments to support something.
e.g. "What do you make of the argument that allowing more immigrants into our country is unavoidable?" Does that mean: (A)What are your thoughts about "allowing more immigrants into our country is unavoidable"? (for example, do you support this opinion or not?); or (B)How do you make the argument to support the opinion that "allowing more immigrants into our country is unavoidable"?