They have been put under humiliation [by Allāh] wherever they are overtaken, except for a rope [i.e., covenant] from Allāh and a rope [i.e., treaty] from the people [i.e., the Muslims]. And they have drawn upon themselves anger from Allāh and have been put under destitution. That is because they disbelieved in [i.e., rejected] the verses of Allāh and killed the prophets without right. That is because they disobeyed and [habitually] transgressed.
Virtues of the Ummah of Muhammad ﷺ , the Best Nation Ever
Allah states that the Ummah of Muhammad ﷺ is the best nation ever,
كُنتُمْ خَيْرَ أُمَّةٍ أُخْرِجَتْ لِلنَّاسِ
(You are the best of peoples ever raised up for mankind) 3:110.
Al-Bukhari recorded that Abu Hurayrah commented on this Ayah, "(You, Muslims, are) the best nation of people for the people, you bring them tied in chains on their necks (capture them in war) and they later embrace Islam." Similar was said by Ibn `Abbas, Mujahid, `Atiyah Al-`Awfi, `Ikrimah, `Ata' and Ar-Rabi` bin Anas that,
كُنتُمْ خَيْرَ أُمَّةٍ أُخْرِجَتْ لِلنَّاسِ
(You are the best of peoples ever raised up for mankind;) means, the best of peoples for the people.
The meaning of disgrace and wrath cast on the Jews:
A detailed discussion on this subject has already appeared under comments on verse 61 of Surah al-Baqarah where the text has not mentioned any exception. This can be seen in Volume I of this commentary. It also covers the exception given in the present verse - إِلَّا بِحَبْلٍ مِّنَ اللَّـهِ وَحَبْلٍ مِّنَ النَّاسِ
Briefly, the verse means that the Jews shall remain stamped with disgrace and misery except under two situations:
1. Though a Covenant of Allah. For example, a minor child or woman shall not be killed. (This exception is meant by the words 'through a source from Allah' ).
Through a treaty obligation, that is, بِحَبْلٍ مِّنَ النَّاسِ (through a source from men). Such patronage may cause their disgrace and misery not to become manifest. The specific words used in the Holy Qur'an i.e., a source from men, cover all men, believers and disbelievers. The possibility that they live with freedom after making a peace treaty with Muslims is included here. Also possible is the situation that they may come under the protection of other non-Muslim powers through a peace treaty (or informal collaboration strategy), a situation that prevails in the form of the present-day state of Israel. To discerning people all over the world, it is no secret that the state of Israel is really a joint encampment of the West. Behind all the facade of power they appear to have is the power of others. If the U.S., U.K., Europe, and USSR too, were daring enough to withdraw their patronage of Israel, it would not survive for a day. Allah knows best.
Tazkirul Quran
Maulana Wahiduddin KhanOn ayahs 112–114
Subsequently, God sent His religion in its original form through the Prophet Muhammad. Now the Muslims have undertaken the obligation of guiding people to the true religion of submission to God. The assignment of this role demands that they be true believers in God. It devolves upon them to enjoin goodness upon the world and to inform mankind of whatever is evil in the eyes of God. Since this is a mission assigned by Almighty God, He Himself has guaranteed to help His emissaries surmount all obstacles to their performing this task. Those who come forward for this divine mission have God’s pledge that their opponents will not be able to inflict any real harm upon them.
Uthmani text of the Madinah mushaf (King Fahd Complex). Translation: Saheeh International. Tafsir via Quran.com.