Europe has considerable leverage because they are Iran's critical trading partner. In the United States we do about $250 million in trade per year with Iran. Canada does about $350 million. Compare that to about $60 billion in cross-trade with Europe. Europe is Iran's major trading partner, and Europe's ability to impose the kinds of measures on that trade can have a major impact. That's why I put the stress on our European allies and the influence they can have on Iran if they choose to use it.
On June 11th, 2009. See this statement in context.