The premise of the question contains a common historical inaccuracy. The United States did not impose a comprehensive embargo on naval and aviation supplies to Japan in 1940. The escalation occurred in two distinct phases during 1941:
President Roosevelt signed the Export Control Act, allowing restriction of strategic materials. Initially applied to aviation gasoline (87+ octane), high-grade scrap iron/steel, and lubricants—not a total ban on naval/aviation supplies. Japan could still purchase oil, regular gasoline, and many metals.
Following Japan's occupation of southern French Indochina (July 24, 1941), Roosevelt froze all Japanese assets in the US. This effectively ended all trade, including oil (90% of Japan's supply), scrap metal, and machinery. Britain and the Dutch East Indies followed suit.
Thus, the critical embargo was a 1941 response to Indochina, not a 1940 initiative.