Hi Angliholic, Welcome back! It is difficult to decipler the exact meaning of the sentence by itself. ' However, for two people who have a loving relationship, the term squeeze could mean a strong hug.
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Rachelanne"put the squeeze on" is an idiom meaning put pressure on them. (with a negative conatation)Thanks, HT and Rachelanne.
"to sqeeze someone " simply means just that Hug or squeeze with the hand.