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I.e., "deprive you of your rule". The plural "you" relates to Pharaoh and the ruling class.
The two Signs had the desired effect on the Egyptians. They were impressed, but they judged them by their own standards. They thought to themselves, "These are ordinary sorcerers: let us search out our best sorcerers and show them that they have superior power." But like all worldly people, they began to fear for their own power and possessions. It was far from Moses's intention to drive out the Egyptians from their own land. He merely wanted to end the Egyptian oppression. But the Egyptians had a guilty conscience, and they judged other people's motives by their own. They discussed the matter in Council on quite wrong premises.