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Would-be
Iron
Lady
rusts
badly
after
Soviet
limo
reverses
(3,5)
Would-be Iron Lady rusts badly after Soviet limo reverses (3,5)
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The definition is at the beginning of the clue.
How the clue works
Look at Would-be Iron Lady — that's your definition, nodding to her well-known ambition to emulate Thatcher. ZIL, the Soviet limo, reversed gives you LIZ, and then rusts badly signals an anagram of RUSTS to get TRUSS.