United States President Bush along with several European leaders said they will impose tougher financial sanctions on Iran in order to hinder the Middle Eastern country in its pursuit to manufacture nuclear weapons. A nuclear-armed Iran would be a threat to world peace, said Bush.

"They can either face isolation, or they can have better relations with all of us," the U.S. President said during the European Union-U.S. summit.

The world leaders who attended the summit agreed to impose new and tougher financial sanctions on Iran unless it suspends its nuclear enrichment program. According to them, Iran should fully disclose any nuclear weapons work and allow the International Atomic Energy Agency to verify that work.

Iran already defied three sets of U.N. Security Council sanctions and carried on with its nuclear program. The country’s president, Mahmud Ahamdinejad, has been constantly denying the accusations and said the sole purpose of Iran’s nuclear program is of civilian uses.

However, Bush wasn’t convinced and firmly said Iran "can't be trusted with enrichment."

“We're going to continue to isolate you, we'll continue to work on sanctions, we'll find new sanctions if need be if you continue to deny the just demands of a free world," said Bush summarizing the message of the world leaders to Iran.

Bush also talked to reporters about issues such as economic woes at home and climate change. The President said that he does not agree with the idea of a government intervention to prop up the value of the U.S. dollar. Bush explained that he believes in a strong-dollar policy, but its value will be set by the world economies.

Bush also said that an agreement on global climate change could be reached during his presidency, which ends in January 20, 2009. However, an agreement on global climate change wouldn’t be efficient without the consent of China and India, said Bush.