Nvidia, Apple Face Bigger Risks From China Trade Talks Than Any Boost From UK Deal, Analyst Says

President Donald Trump is expected to announce a framework trade agreement with the UK, according to The New York Times—marking the first concrete development in a series of proposed deals floated in recent weeks.

However, Wedbush analyst Daniel Ives said the agreement is unlikely to excite markets, particularly in tech, noting that while the UK avoided reciprocal tariffs on Liberation Day, it will still face a baseline 10% tariff.

While this is an infant step in getting some framework on the table for the White House, the reality is that the market, and especially tech investors, will view this announcement as a drag and as not moving the needle on the significant issues hitting US companies of all shapes and sizes.

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Ives said the laser focus is on China negotiations, India, and Vietnam, adding that these remain the primary focus of the markets and the tech world.

Much more market focus will be on the trade talks in Switzerland beginning Friday, led by Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.

Investors worldwide are deeply concerned about the 145% “black cloud” China tariffs and many restrictions hitting Nvidia Corp NVDA and other tech companies, with the negative ripple impact in the supply chain front and center, Ives noted.

The biggest trade deal Wall Street is watching is with India. As Apple Inc‘s AAPL latest moves around supply chain shift clearly show, this is a foundational piece for the tech ecosystem moving forward. At the same time, the tariff battle will continue in the coming months.

The UK is a “baby step start,” but it is not a surprise, as the market is much more focused on the math and reality of the discussions on China, India, Vietnam, and the other U.S. core 20 trading partners.

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