United States President Donald Trump has announced that pennies will stop circulating in Washington, D.C

Washington, DC: Donald Trump, the president of the United States, said that Washington, DC, would cease minting pennies due to the fact that their manufacturing costs are more than their face value, calling the process “wasteful.” According to President Trump‘s statement on Sunday, Treasury Secretary Scott Bessent has been told to “stop producing new pennies.”

After watching the first half of the Super Bowl, Trump announced his decision on a Truth Social post.

Trump posted on ‘Truth Social’: “The United States has been minting pennies that literally cost us more than two cents for far too long. This is really wasteful.

“My Secretary of the US Treasury has been directed to cease creating new pennies. Even if it’s only one cent at a moment, let’s pull the waste out of our wonderful country’s budget,” he said.

The Department of Governmental Efficiency (DOGE), which is managed by Elon Musk, said on social media platform X on January 22 that “the penny costs over 3 cents to make and costs US taxpayers over $179 million in FY2023.” In FY2023, the Mint produced more than 4.5 billion pennies, or almost 40% of the 11.4 billion coins that were minted for circulation.

Trump, however, said earlier in the day that additional duties on all imports of steel and aluminum will be unveiled on Monday.

Trump told reporters on board Air Force One on Sunday while traveling to the NFL Super Bowl that the tariffs, which go into effect on Monday, would impose a 25% tax on all steel imports into the United States and a 25% tax on aluminum imports.

Regarding the justification for these tariffs, Trump said in his remarks, “Very simply, if you charge us, we charge them.”

“I will also be announcing steel tariffs on Monday in addition to aluminum taxes. A 25 percent tax will be applied to all steel entering the US. And aluminum… 25 percent.

Trump had previously requested his staff to examine the potential of imposing a uniform tax of 10% or 20% as part of a larger trade review that was expected on April 1.

Trump said the announcement will probably be made on “Monday or Tuesday,” according to Politico, after declaring that the tariffs would be applied to all countries.