Wall Street only cares about one tariff deal today

• The only thing that could derail that is a negative development in the trade relationship between the U.S. and China.

What they're saying: "Unless the China stuff gets really ugly, I think the market will treat these as minor hiccups and potential buy the dips," Stuart Kaiser, head of U.S. equity strategy at Citi, told Axios.

By the numbers: The tariff rate on China matters because companies in the stock market are heavily exposed to China as both a supplier and consumer.

• Annual S&P 500 revenue from China sits at $1.2 trillion, Apollo chief economist Torsten Sløk told Axios.
• That figure is roughly four times the U.S. trade deficit with China.
• The cost of goods sold rose over 15% from 2015 to 2019, in part due to the implementation of tariffs in President Trump's first term.
• That increase in costs can pressure profits, and therefore stock prices.

Catch up quick: Kaiser noted the pattern in Trump's need for "an adversary," first Japan and now Europe.

• By that same logic, the trade deal with Japan may serve as a framework for what may happen with any potential European deal, and thereafter, any deal with China.

The bottom line: Several market sources told Axios that investors should expect volatility off tariff headlines, but any dips are buyable, barring bad news about China.