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President of O’Leary Ventures, Kevin O’Leary, shares that President Donald Trump is concerned about treating steel and aluminum tariffs, the fate of the American penny and the sale of the Tikts.
President Donald Trump is striving to eliminate the production of new pennies and recently told Scott Bessent’s treasury secretary that this would happen.
Late Sunday night, Trump found that he “instructed the United States Treasury Secretary to stop making new pennies,” arguing “for too long the United States beat penny, which literally cost more than 2 cents” and ” That’s the case.
Former President Donald Trump, a Republican presidential candidate, arrives to talk at an election night event at the Palm Beach Congress Center on November 6, 2024 in West Palm Beach, Fla. (Chip Somodevilla / Getty Images / Getty Images)
The move raised the question of how American consumers could influence it, and an expert said the effect would be negligible.
“I don’t think this will affect consumers. I think it’s just a very reasonable thing because no one uses for pennies. No one needs pennies,” said David Bahnsen, founder of the Bahnsen Group for Fox Business. “Just like basic practicality and cost -advantage, according to the studies you see, three cents pay a penny, so there is something rather backward mathematics.”
Kevin O’Leary says Trump is right to order the United States that ditch is the “stupid” pennish
The cost of making and distributing the penny was 3.69 cents in 2024, the latest annual report of the US Mint.
Last year, the US Mint delivered 3.17 billion new pennies. According to the report, the gross cost of $ 117 million, $ 117 million, was significantly higher than their $ 31.7 million together.
“It changes their expenditure habits to influence consumers, so that they do not change the exact change as far as it does?
For the pennies, GlenView Coin & Collectibles will be released on July 6, 2006, GlenView, respectively. (Tim Boyle / Getty Images / Getty Images)
Canada has moved from the penny more than a decade ago, and other countries, such as Australia, New Zealand and Sweden, have been taken long before. In Canada, after the government has begun to gradually get rid of the pennies, the closest five cents up or down the next or down in cash transactions.
Trump says he instructed the American treasury to stop raising new pennies: “It’s so wasteful!”
According to Bahnsen, cash transactions are “less likely to be in a digital payment environment,” nowadays not many people “pay with cash.”
Report issued last summer Federal reserve financial services In October 2023, 32% of salaries were found by credit cards and similar but slightly smaller stock – 30% used debit cards. According to the report, cash payments represented 16% of transactions.
The Canadian government said in its 2012 economic action plan that the new -Zealand, Australia and other countries “did not” cause price inflation “.
Stopping new pennies would have little impact on tips, Bahnsen said.
He also noted that they would continue to be on the market for existing pennies, but in fact he talks about a collectible object rather than a consumer article rather than a transaction currency that people pay. ”
“Finally, President Trump here was to be more efficient, and I think the treasury ministry made a lot of money that did not have real commercial use,” Bahnsen told Fox Business. “It’s not an earth destroying event, but it’s something that is a bit more efficient, and that’s what the treasury class is responsible for.”
The Americans for the Common Cents, which was critical of Trump’s efforts, argued in a press release at the end of January that the penny ditch would “do not save the government”.
For a pile of American pennies in a photo illustration in Washington DC on February 10, 2025. (Saul Loeb / AFP with Getty Images / Getty Images)
“A lot of mints would remain a general cost and other coins would have to absorb the penny,” said Managing Director Mark Weller. “In addition, there is greater demand for expensive nickels, which is even more costs.”
How to get Trump getting rid of the penn
According to CNN, the group receives significant funding from Artazn. This company is said to deliver blank that are used in the production of the Menta coin.
The joint -centered Americans suggested to the government to “re -examine how the Mint would distribute its overall costs and focus on reducing the costs of producing nickels” instead of moving for pennies.
According to the agency, the Mint was nearly 13.8 cents for the production of Nickel.
The group also has retracted Against the arguments that the penny has no value and argued that the “rounding tax” from the liberation of a one -in -cent denomination would disproportionately influence people who do not access bank activity or non -cash payment methods.
