President Donald Trump announced on Truth Social that he has ordered U.S. Treasury Secretary Scott Bessent to halt production of the one-cent penny, citing excessive costs.
“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies,” Trump wrote. “Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time.”
The penny, first issued in 1793, has featured President Abraham Lincoln since 1909 and is composed of zinc and copper.
The Longstanding Penny Debate
The debate over eliminating the penny has been ongoing for years. In 2013, economist Henry Aaron from the Brookings Institution argued for scrapping both pennies and nickels, calling them “monetary detritus.”
Supporters of the penny claim it helps keep consumer prices lower and benefits charities, while critics argue it is mostly discarded and unnecessary in modern transactions.
What’s Next?
If the penny is phased out, one proposal is to round prices to the nearest zero, simplifying transactions. The decision marks another step in Trump’s cost-cutting agenda.
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The U.S. Supreme Court has cleared the way for the Trump administration to revoke temporary legal status for over 500,000 migrants, putting them at risk of deportation while legal challenges continue.
The Kremlin has dismissed criticism from U.S. President Donald Trump, who warned that Vladimir Putin is "playing with fire" by avoiding ceasefire talks with Ukraine, saying Russia's national interests remain the top priority.
The Trump administration has temporarily halted new student visa appointments at U.S. embassies worldwide, as it prepares to tighten scrutiny of international applicants' social media profiles — a move that could impact universities and foreign students alike.
The Development Bank of Latin America and the Caribbean (CAF) announced Saturday a significant boost to its commitment to ocean health, pledging an additional $2.5 billion in investments aimed at protecting marine ecosystems and fostering sustainable blue economic activities.
Argentina’s President Javier Milei met Pope Leo at the Vatican, confirming the pontiff’s upcoming visit to Argentina.
Negotiations between China and the European Union regarding electric vehicle price commitments are in their final stages, although both sides acknowledge that further efforts are required to reach a resolution.
Azerbaijan’s Foreign Minister Jeyhun Bayramov and Pakistan’s Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar held a phone call to discuss strengthening bilateral and multilateral cooperation.
Azerbaijani President Ilham Aliyev and Pakistani Prime Minister Shehbaz Sharif exchanged Eid al-Adha greetings in a phone call that also highlighted deepening ties and regional cooperation.
A bridge collapse in the Vygonichsky district of Russia’s Bryansk region, near the Ukrainian border, caused a train derailment and a traffic accident early Sunday, killing at least seven people and leaving 30 injured, according to emergency services.
Ukraine’s Security Service (SBU) has confirmed it carried out a third targeted attack against the Crimean Bridge, also known as the Kerch Bridge, early Tuesday morning, marking a new escalation in the ongoing conflict with Russia.
A strong 6.3 magnitude earthquake shook Japan’s Hokkaido prefecture early Monday, causing no reported injuries or damage, and no tsunami warning was issued, officials confirmed.
U.S. President Donald Trump and Chinese President Xi Jinping are expected to speak this week to discuss recent trade tensions, White House press secretary Karoline Leavitt said.
Peace talks between Russia and Ukraine ended abruptly in Istanbul on Monday, lasting just over an hour amid mounting tensions following a major Ukrainian drone strike on Russian strategic bombers and renewed pressure from the U.S. for a breakthrough.
Global food commodity prices experienced a notable decline in May, driven by significant drops in the cost of grains, sugar, and vegetable oils, the United Nations' Food and Agriculture Organization (FAO) reported on Friday.
Germany’s new government has launched a major program aimed at boosting investment and helping Europe’s largest economy recover after two years of decline.
The European Central Bank has reduced its three key interest rates by 25 basis points, aligning with expectations and reflecting progress toward its inflation target.
Centrica, owner of British Gas, has agreed to a £20 billion deal with Norway’s Equinor to supply nearly 10% of the UK’s gas needs annually for the next decade, supporting energy security while paving the way for future hydrogen integration.
Tesla’s shares declined by about 14.2% on Thursday, reducing the company’s market value by roughly $152 billion, as Elon Musk and Donald Trump publicly exchanged criticisms on social media.
The Development Bank of Latin America and the Caribbean (CAF) announced Saturday a significant boost to its commitment to ocean health, pledging an additional $2.5 billion in investments aimed at protecting marine ecosystems and fostering sustainable blue economic activities.
Argentina’s President Javier Milei met Pope Leo at the Vatican, confirming the pontiff’s upcoming visit to Argentina.
Negotiations between China and the European Union regarding electric vehicle price commitments are in their final stages, although both sides acknowledge that further efforts are required to reach a resolution.
Azerbaijan’s Foreign Minister Jeyhun Bayramov and Pakistan’s Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar held a phone call to discuss strengthening bilateral and multilateral cooperation.
Azerbaijani President Ilham Aliyev and Pakistani Prime Minister Shehbaz Sharif exchanged Eid al-Adha greetings in a phone call that also highlighted deepening ties and regional cooperation.
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