Ton pig eats new leather strip (5)
I believe the answer is:
thong
'leather strip' is the definition.
(thong is a kind of leather strip)
'ton pig eats new' is the wordplay.
'ton' becomes 't'.
'pig' becomes 'hog' ('hog' can be a synonym of 'pig').
'eats' indicates putting letters inside.
'new' becomes 'n'.
'hog' placed around 'n' is 'hong'.
't'+'hong'='THONG'
(Other definitions for thong that I've seen before include "Beachwear item" , "scanty garment" , "Leather whiplash" , "flip-flop" , "Thin leather strip" .)