Shreds new rates (5)
I believe the answer is:
tears
'shreds' is the definition.
(I've seen this in another clue)
'new rates' is the wordplay.
'new' indicates anagramming the letters.
'rates' with letters rearranged gives 'TEARS'.
(Other definitions for tears that I've seen before include "Globules of ocular moisture" , "Shed them and cry" , "Rips; droplets" , "signs of emotion" , "emotional reaction!" .)