A European chap importing universal balm (7)
I believe the answer is:
unguent
'balm' is the definition.
('unguent' can be a synonym of 'balm')
'a european chap importing universal' is the wordplay.
'a european' becomes 'un' ('a' translated into French).
'chap' becomes 'gent' (I've seen this in other clues**).
'importing' indicates putting letters inside.
'universal' becomes 'u'.
'gent' enclosing 'u' is 'guent'.
'un'+'guent'='UNGUENT'
(Other definitions for unguent that I've seen before include "Oily substance" , "Balm, ointment" , "Lubricant to tune gun" , "Ointment, soothing salve" , "application" .)