What does the cryptic crossword clue "Tough negotiations where punches exchanged? (5,7)" mean?

The definition is "Tough negotiations / where punches exchanged?". The wordplay uses a double definition. Double definition The answer is HORSE TRADING.

Tough negotiations where punches exchanged? (5,7)

Times Cryptic #28733 | 10 Down | 2023-10-13 flower

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