Here is Yusuf Ali translation and Pooya Ali commentary.
[Yusufali 5:51] O ye who believe! take not the Jews and the Christians for your friends and protectors: They are but friends and protectors to each other. And he amongst you that turns to them (for friendship) is of them. Verily Allah guideth not a people unjust.
[Pooya/Ali Commentary 5:51]
The Jews and the Christians had much in common, and therefore readily formed an alliance against Islam. so anyone who makes them his friends must have some points of identity with them. A believer, in order to keep himself safe from the influence of falsehood, must avoid the company of disbelievers. The doctrines of tawalla (staying attached with the Ahl ul Bayt) and tabarra (avoiding the enemies of Allah, the Holy Prophet and his Ahl ul Bayt) are the articles of the faith of them followers of Muhammad and ali Muhammad.
The Holy Prophet said:
Do not adopt the style and mannerism of my enemies, lest you may be considered as one of them. He who appears like a certain type shall be identified as of that type.
M.asad
5:51 (Asad) O YOU who have attained to faith! Do not take the Jews and the Christians for your allies: they are but allies of one another [72] and whoever of you allies himself with them becomes, verily, one of them; behold, God does not guide such evildoers. [73] -
Note 72
According to most of the commentators (e.g., Tabari), this means that each of these two communities extends genuine friendship only to its own adherents-i.e., the Jews to the Jews, and ,the Christians to the Christians-and cannot, therefore, be expected to be really friendly towards the followers of the Qur'an. See also 8:73, and the corresponding note.(Quran Ref: 5:51 )
Note 73 (Quran Ref: 5:51 )
Lit., "the evildoing folk": i.e., those who deliberately sin in this respect. As regards the meaning of the "alliance" referred to here, see 3:28, and more particularly 4:139 and the corresponding note, which explains the reference to a believer's loss of his moral identity if he imitates the way of life of, or-in Qur'anic terminology-"allies himself" with, non-Muslims. However, as has been made abundantly clear in 60:7-9 (and implied in verse 57 of this surah), this prohibition of a "moral alliance" with non-Muslims does not constitute an injunction against normal, friendly relations with such of them as are well-disposed towards Muslims. It should be borne in mind that the term wali has several shades of meaning: "ally", "friend", "helper", "protector", etc. The choice of the particular term - and sometimes a -combination of two termms-is always dependent on the context.(Quran Ref: 5:52)
Br rationalist
Are you just reading literal translation or along with comments of various translators?
Have you read similar passages from Bible and Torah?
I have posted 5:51 with comments and it is better understood to mean a believer should not have dominating friends from non believers in Islam. A fraindship in equal term is acceptable.