The electronics distribution industry is beginning to cope with the imposition of tariffs on U.S. imports from China since Sept. 2018. While Avnet’s EBITDA was below consensus in 3Q, CFO Thomas Liguori has stated “we learned how to manage through tariffs and we’ve learned how to really prevent profit leakage, either by changing the supply chains or by, in some cases, billing it to the receiving party.” There’s still uncertainty about the outlook for tariffs given the faltering talks between the U.S. and China. Panjiva’s seaborne import data shows Avnet may have cut its imports from China...