I picked up two items marked with red skulls that increase damage taken by 100%. However, I noticed the skull over my head still only says x2 instead of x3 or x4.
Do double damage modifiers from red skulls stack?
According to Reddit, the x2 damage dealt is referred to the weapon it's written on it. It does not make your other weapon x2 too.
So, in this scenario, both of your weapons only deal x2 damage, but you take x4.