Targeted Use of Sanctions for Killing Elephants in Their Range Act of 2014 - Amends the African Elephant Conservation Act to make it a policy to prevent additional African elephant ivory from entering global commerce, and to reduce demand for ivory that is driving elephant poaching by limiting natural resources-related trade with countries whose nationals are engaged in illegal ivory trade.

Deems the identification of a country by the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) Standing Committee as a significant source or transit or destination point for illegal ivory trade to be a certification under the Fishermen's Protective Act of 1967 authorizing the President to prohibit the importation of such products from the offending country.

Directs the President, within 30 days after receiving a certification, to enter into consultations with the offending country to obtain an agreement that terminates all illegal ivory trade into, out of, or within that country.

Requires the President, if such consultations are not concluded within 90 days or if the country refuses to enter into consultations, to direct the Secretary of Commerce to prohibit the importation into the United States of wildlife, fish, and plant products from that country until the earlier of:

• the finalizing of the agreement, or
• a CITES Standing Committee finding that the country is no longer a significant source or transit or destination point for illegal ivory trade.

Directs the Secretary, within 180 days after the prohibition, to determine whether:

• the prohibition is sufficient to cause the offending country to terminate illegal ivory trade, and
• that country has retaliated against the United States as a result of that prohibition.