Overall meaning :
Allah Almighty addresses His Prophet Muhammad, may Allah bless him and grant him peace, saying: Did you not know, Muhammad, that those who have been granted a share of divine revelations from among the Jews and the Christians favour error over right guidance, and they wish to see you, believers, too, stray from the right path, as they have?
But Allah Almighty best knows your enemies, believers. He is enough for you and will take care of you with His protection and care, and sufficient is He as a helper, who will grant you victory over your enemies.
The Almighty then mentions that there are some among the Jews who distort the actual wording or the meaning of the Torah text, or both, and they disrespectfully say to Muhammad, may Allah bless him and grant him peace, ‘We have heard what you said, but we will disobey you,’ and, ‘Listen to us,’ adding the insult ‘May you go deaf,’ and ‘raa’inaa’, when seeking his attention, but they intend thereby the meaning in their own language whereby they call down evil on him and wish him to be afflicted with foolishness—thus distorting the phrase with their tongues and disparaging religion by speaking evil of the Prophet, may Allah bless him and grant him peace.
Had these Jews instead said, ‘We have heard what you said and we will obey you,’ ‘Listen to us’ without adding an insult, and ‘Wait until we understand what you are saying,’ this would surely have been better and more proper for them. But Allah has disgraced them and excluded them from His mercy and grace because of their persistent unbelief, and so they have only scant faith which will not benefit them.