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Why would the U.S. back the offer of a light-water nuclear reactor to a country on its list of terror sponsors? The answer most charitable to the Bush administration is that the proposed reactor deal--one of many incentives that Europe, with U.S. blessing, has extended to Iran--will make it impossible for the mullahs to pretend their intentions are peaceful should they refuse. And American willingness to join negotiations with Iran if it suspends uranium enrichment might be necessary to win Security Council backing of eventual punitive action. But in the meantime, we are trading ...