International Container Terminal Services (ICTSI) is pursuing further acquisitions in emerging economies, with the top Philippine port operator benefiting from a shift in trade flows triggered by the tariff war. ICTSI, which runs more than 30 ports and terminals globally, has been active on the acquisition front in the past years. Speaking with Bloomberg News in a separate interview, Gonzalez did note the emerging market landscape had become more competitive. But a major slowdown could still occur, with medium- to long-term impact of elevated tariffs yet to be seen, he said. One way to parse that tariff noise for a picture of underlying demand for goods was to look at demographics, the ICTSI executive said.