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.
Iran's Supreme Leader Ayatollah Ali Khamenei on Wednesday rejected holding negotiations with the United States over a nuclear deal, as a letter was delivered from U.S. President Donald Trump calling for such talks.
Egypt expressed its approval of U.S. President Donald Trump’s recent remarks stating that no Palestinians would be expelled from the Gaza Strip.
As the United Nations marks its 80th anniversary, it seeks efficiency improvements and budget cuts amid ongoing financial constraints.
U.S. President Donald Trump said on Tuesday he will buy a new Tesla car to show support for the electric carmaker's chief and his ally Elon Musk amid recent "Tesla Takedown" protests and the slump in the company's stock price.
US and Ukrainian officials have begun talks in Jeddah, Saudi Arabia, to explore the possibility of a peace deal with Russia, with Ukraine proposing a partial ceasefire to regain US support.
Russian President Vladimir Putin has agreed in principle to a 30-day ceasefire proposal from U.S. President Donald Trump, aimed at reducing hostilities in Ukraine. While the ceasefire presents a potential opportunity for peace talks and humanitarian aid, the terms are still under negotiation.
A U.S. judge has directed Elon Musk and his Department of Government Efficiency (DOGE) to provide records and answer questions about their federal spending reduction efforts. The order stems from a lawsuit filed by 14 Democratic state attorneys general, alleging constitutional violations by Musk.
Foreign ministers from the world’s leading democracies meet in Canada to navigate rising tensions with the U.S., as Trump’s policies on Ukraine, tariffs, and Russia spark divisions. Diplomats seek common ground while confronting Washington's unpredictability.
The UK has withdrawn accreditation for a Russian diplomat and a diplomatic spouse, requiring them to leave the country, following the expulsion of two British officials from Russia on Monday.
The EU Commission is set to propose key defense projects to boost Europe’s military capabilities, as outlined in a draft white paper, aiming to strengthen cooperation among member states.
Italy’s League party urges the government to favour Starlink over French-led Eutelsat for satellite communication systems, citing Starlink's technological edge. The push comes amid delays in the EU’s IRIS² program, as Italy seeks secure communication solutions for officials.
XPeng Motors plans to mass-produce flying cars by 2026, becoming the first company globally to do so. CEO He Xiaopeng also highlighted advancements in autonomous driving and humanoid robotics as part of the company’s future tech initiatives.
World leaders welcomed the 30-day ceasefire proposal that Ukraine has agreed to, calling it a step toward ending the conflict with Russia.
The Organization of Islamic Cooperation (OIC) is set to condemn Trump’s Gaza “Riviera” plan, backing Egypt’s $53 billion reconstruction proposal. A classified draft resolution, rejects the relocation of Gazans, calls for urgent international support, and mobilises opposition to the U.S. stance.
In Tuesday’s closely watched parliamentary election, Greenland’s pro-business opposition Demokraatit party took a commanding lead after over 90% of the ballots were counted.
Türkiye’s state-owned Turkish Petroleum Corporation signed a joint venture agreement with U.S. oil giants Continental Resources and TransAtlantic Petroleum, Turkish Energy Minister Alparslan Bayraktar announced.
The Bank of Canada trimmed its key policy rate by 25 basis points on Wednesday, lowering it to 2.75%, as concerns mount over inflationary pressures and weaker economic growth driven by renewed trade uncertainties and tariff threats.
Canada will introduce $29.8 billion in retaliatory tariffs in response to the U.S. decision to impose 25% duties on steel and aluminium imports. The move follows similar action by the EU, escalating trade tensions with Washington.
The European Union will impose counter tariffs on 26 billion euros ($28 billion) worth of U.S. goods from next month, the European Commission said on Wednesday, ramping up a global trade war in response to blanket U.S. tariffs on steel and aluminium.
The European Commission has raised €9 billion of EU-Bonds in its 3rd syndicated transaction for 2025.
Russian President Vladimir Putin has agreed in principle to a 30-day ceasefire proposal from U.S. President Donald Trump, aimed at reducing hostilities in Ukraine. While the ceasefire presents a potential opportunity for peace talks and humanitarian aid, the terms are still under negotiation.
A U.S. judge has directed Elon Musk and his Department of Government Efficiency (DOGE) to provide records and answer questions about their federal spending reduction efforts. The order stems from a lawsuit filed by 14 Democratic state attorneys general, alleging constitutional violations by Musk.
Foreign ministers from the world’s leading democracies meet in Canada to navigate rising tensions with the U.S., as Trump’s policies on Ukraine, tariffs, and Russia spark divisions. Diplomats seek common ground while confronting Washington's unpredictability.
The UK has withdrawn accreditation for a Russian diplomat and a diplomatic spouse, requiring them to leave the country, following the expulsion of two British officials from Russia on Monday.
The EU Commission is set to propose key defense projects to boost Europe’s military capabilities, as outlined in a draft white paper, aiming to strengthen cooperation among member states.
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