Meat embargo broken by firm (5)
I believe the answer is:
bacon
'meat' is the definition.
(bacon is a kind of meat)
'embargo broken by firm' is the wordplay.
'embargo' becomes 'ban' (I've seen this before).
'broken by' is an insertion indicator.
'firm' becomes 'co' (a firm is a company).
'ban' placed around 'co' is 'BACON'.
(Other definitions for bacon that I've seen before include "Man killed by chicken, some say" , "Francis -, twentieth century Ir. artist" , "early scientist" , "Breakfast meat?" , "friar" .)