Raced round tree (5)
I believe the answer is:
cedar
'tree' is the definition.
(cedar is a kind of tree)
'raced round' is the wordplay.
'round' indicates an anagram.
'raced' with letters rearranged gives 'CEDAR'.
(Other definitions for cedar that I've seen before include "Deodar" , "Great hardwood tree associated with Lebanon" , "representative of Lebanon?" , "Leaving body" , "Fragrant conifer" .)