Turned out coats the setter's put on market at first with no reductions (9)
I believe the answer is:
untrimmed
'with no reductions' is the definition.
(without any trimming)
'turned out coats the setter's put' is the wordplay.
'out' indicates anagramming the letters (out can mean wrong or inaccurate).
'coats' is an insertion indicator (inserted letters are coated in another word).
'the setter's put' becomes 'imm' (I am not sure about this - if you are sure you should believe this answer much more).
'turned' with letters rearranged gives 'untred'.
'untred' going around 'imm' is 'UNTRIMMED'.
'on market at first' acts as a link.
I am not very happy about this link. Some or all of it may be part of another bit of the clue.
Can you help me to learn more?