Washington: President Donald Trump has announced that he has instructed the Treasury Department to cease the production of new pennies, citing the increasing cost involved in minting the one-cent coin.

According to Azeri-Press News Agency, the decision was revealed through a post on Trump’s Truth Social site, where he expressed concerns over the financial inefficiency associated with producing pennies. “For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!” Trump stated.

This directive marks another bold move by Trump’s administration, which has been active in implementing significant changes through executive orders and proclamations. These changes span various domains, including immigration policies, matters of gender and diversity, and even the designation of geographic names such as the Gulf of Mexico.

The decision to halt the minting of new pennies is poised to be a notable step in the administration’s agenda of reducing waste and optimizing governmental expenditures, reflecting broader fiscal strategies and priorities.