I don't think we're talking of the same thing exactly here. Though I would note that the current trade war engaged by Trump with China or, perhaps more convincingly, the very real consideration of banning Chinese companies from 5G infrastructure markets (and the obvious assault on Huawei) on the basis of espionage claims that may sometimes have been hyperbolic do look like examples of drumming up prejudiced public suspicions to cover up what is partly self interest.
Does it affect Asian, Chinese-looking people living in the West and the racism targeted at them ? I wouldn't presume to know off hand, probably not as dramatically as the spikes in antisemitism, antimuslim or antihispanic attacks. But it's not like there's no history of a racist tradition in the West and the USA that could turn ugly too when put under enough pressure.
Even if it is not as harmful, I only see benefit in trying to adress reactionary, racist myths both in general and for better, more level headed and more productive discussions on foreign affairs.
In this particular case it's pretty clear the OP is talking about anti-Chinese attitudes against individuals living abroad, that he dissociated the CCP from the heritage and that it's prejudice at the latter and not the former that concerns him. Cue posts like
this where eminent Woke Brigade alumni tries to somehow backflip out of having made a ridiculous, somewhat racist, assumption instead of admitting he maybe nutted a bit too soon.
