Meat embargo enveloping company (5)
I believe the answer is:
bacon
'meat' is the definition.
(bacon is a kind of meat)
'embargo enveloping company' is the wordplay.
'embargo' becomes 'ban' (a ban on trade).
'enveloping' indicates putting letters inside.
'company' becomes 'co' (abbreviation).
'ban' going around 'co' is 'BACON'.
(Other definitions for bacon that I've seen before include "Salted and smoked pig meat" , "Man killed by chicken, some say" , "English philosopher, d.1626 - Irish painter, d. 1992" , "Eg, rashers" , "Cut of pork" .)