Meat embargo holds firm (5)
I believe the answer is:
bacon
'meat' is the definition.
(bacon is a kind of meat)
'embargo holds firm' is the wordplay.
'embargo' becomes 'ban' (I've seen this before).
'holds' indicates putting letters inside.
'firm' becomes 'co' (a firm is a company).
'ban' placed around 'co' is 'BACON'.
(Other definitions for bacon that I've seen before include "Breakfast food" , "Bring home the ....., achieve success" , "Pork rashers" , "Salted pork" , "Francis or Roger?" .)