Economy News – Update
In a recent statement, U.S. President Donald Trump announced that he has instructed the Treasury Department to cease the production of new one-cent coins, commonly known as pennies. He emphasized that the cost of producing these coins has become excessive, costing more than their actual value.
Trump remarked, “For a long time, the United States has been wasting resources on a currency that is costing us more than two years.” He added, “The U.S. Treasury Secretary has been directed to halt the minting of new pennies.”
The current administration is placing a strong emphasis on cost reduction initiatives, including potential layoffs across various federal agencies and sectors of the workforce. This aligns with a broader strategy to eliminate unnecessary expenditures.
Trump further stated, “Let’s remove waste from the budget of our great nation, even if it is just a penny at a time.”
This announcement came shortly after Trump attended a portion of the Super Bowl match held in New Orleans.
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