India, July 10 -- US President Donald Trump on Wednesday sent tariff letters to seven smaller trading partner countries, saying that the formula for calculating the rates was based on common sense.

The Philippines, Brunei, Moldova, Algeria, Libya, Iraq, and Sri Lanka have been hit with tariffs. When asked about the basis for his tariffs on the listed countries, Trump said it was common sense and deficits, among other factors.

"The formula was a formula based on common sense, based on deficits, based on how we have been treated over the years, and based on raw numbers.. They are based on very substantial facts and also past history," Trump told the media.

It must be noted that none of the listed countries is a major industrial rival to ...