Socialist embraces a strange character — The Devil, perhaps (5,4)
I believe the answer is:
tarot card
'the devil perhaps' is the definition.
(The Devil is a tarot card)
'socialist embraces a strange character' is the wordplay.
'socialist' becomes 'trot' (I've seen this before).
'embraces' is an insertion indicator.
'strange character' becomes 'card' (card can mean an eccentric person).
'trot' placed around 'a' is 'tarot'.
'tarot'+'card'='TAROT CARD'
(Other definitions for tarot card that I've seen before include "One from fortune-telling pack" , "Empress?" , "I forecast" , "fortune-teller in suit" .)