Transport barons exchange olive branches (7)

I believe the answer is:

vehicle

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'transport' is the definition.
(vehicle is a kind of transport)

I don't understand how the rest of the clue works.

(Other definitions for vehicle that I've seen before include "Conveyance of people or things" , "Road transport" , "Conveyance for transport" , "wheels" , "Mode of transport" .)

I've seen this clue in The Hindu.

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