Diablo Game Questions Fire skill damage vs overall higher damage weapon

So I know how elemental skill bonuses work. But let's say I have two choices. One option gives me a +18% bonus to fire skills and the other weapon is better overall (34% damage increase) but lacks any elemental skill bonus. Which weapon would be better? Intuitively, it seems like the 34% is a flat increase, however, my question is if the elemental skill bonuses and weapon damage increases apply the same buff.

Example: let's say a fire skill does 100. a 20% fire skill boost would make it do 120%, obviously. Would a weapon that increases overall damage by 34% increase the damage to 134% for this hypothetical skill??

Confused af, any input appreciated.