Promote cancelled retreat (7)

I believe the answer is:

backoff

'retreat' is the definition.
(I've seen this before)

'promote cancelled' is the wordplay.
'promote' becomes 'back' (back can mean to support or endorse).
'cancelled' becomes 'off' (similar in meaning).
'back'+'off'='BACKOFF'

(Another definition for backoff that I've seen is " Retreat".)

I've seen this clue in The Irish Times.

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