Overall meaning : The Almighty mentions that He made a solemn covenant with the Jews’ ancestors and appointed twelve leaders among them, each of whom was given a pledge of allegiance by those in his charge whereby they bound themselves to obey orders and honour the covenant they had made with Allah, and he, in turn, would direct them and urge them to do so. He further states that He told the Children of Israel that He would support them if they fulfilled the covenant they had made with. If they duly attended to their prayers, He declared, paid zakat to those eligible for it, believed His messengers and supported them against their enemies, and spent their wealth for His cause, thereby seeking His good pleasure, He would pardon their sins and admit them into gardens beneath whose trees and palaces river flow. But whoever among them disbelieved and broke the covenant, He warned, would surely stray from the right path.
Then, because they broke their covenant, He states, He excluded them from His mercy and hardened their hearts so much so that they became devoid of all good and admonitions no longer had any effect whatsoever on them. They altered words from their context in the Torah in order to distort their meanings and intentionally ignored a great portion of the admonitions revealed to them.  Then, addressing His Prophet, Muhammad, may Allah bless him and grant him peace, He informs him that he will always find the Jews deceitful and treacherous, except for a few of them who fulfil their promises, and He instructs Him to pardon them and turn away from them, stating that He loves those who do good.
And from those who claimed they were Christians and followed Jesus, He further states, He took a solemn covenant, whereby they pledged themselves to obey Him and follow His messengers, but they, too, intentionally abandoned much of what they were exhorted to do in what He had revealed to them. Therefore, as punishment, He has stirred up among them enmity and hatred, which they will continue to endure until the Day of Judgement, and He will inform them on that day of what they used to do in the worldly life, and then He will punish them accordingly.