Admit trick and give up (7)
I believe the answer is:
concede
'admit' is the definition.
(I know that concede is a more specific form of the action admit)
'trick and give up' is the wordplay.
'trick' becomes 'con' (a con is a fraud or trick).
'and' is a charade indicator (letters next to each other).
'give up' becomes 'cede' (synonyms).
'con'+'cede'='CONCEDE'
(Other definitions for concede that I've seen before include "Acknowledge defeat" , "Allow - give up" , "Acknowledge - abandon" , "Admit something is true" , "Make admission" .)