So right now the US is doing the Persuasion approach which includes elements from other policies. Washington's aim from collapsing Putin's regime went to making peace in Ukraine ofc dealing with Russia can be part of a larger policy directed against China, but that's a different scope..
Containment's sanctions is part of the stick, the same as maintaining support to Ukraine, that is running a proxy force.
On the other hand it has elements of the Engagement policy, that is making various deals, and probably offering the lift of sanctions. This is the carrot.
He looks erratic because he has to court and reprimand Putin at the same time, which can only be done alternately. And due to the large publicity it happens in front of everyone - unlike the execution of the policies of previous Presidents (such as the case of Obama's Persuasion policy of Iran).