The President said - " "Based on the fact that Russia is absolutely 'pounding' Ukraine on the battlefield right now, I am strongly considering large-scale Banking Sanctions, Sanctions, and Tariffs on Russia until a Cease Fire and FINAL SETTLEMENT AGREEMENT ON PEACE IS REACHED."
The world has been sanctioning Russia since they invaded Crimea in 2014 and expanded the sanctions in 2022 after they invaded the rest of Ukraine. Do we import any oil from Russia? I'm pretty sure we do not import anything from Russia so tariffs will be useless. Maybe there is some banking sanction that was previously overlooked. After all, anything is possible.
Perhaps the Administration will find a few new things to sanction on the margins but there will be no "large-scale" sanctions. Putin knows the President is bluffing because he has no cards. Hopefully, the President will find a way out of this embarrassing situation and bring Putin to the bargaining table sooner than later.