In the Trump era, has the word 'racist' lost its meaning?

Over the past few weeks, President Trump has amplified derogatory and stereotypical comments about people from Afghanistan. He's derided Somalians as a whole, and specifically targeted Congresswoman Ilhan Omar. And he's said he will end immigration from "Third World countries." So in a political climate where rhetoric like this has become normalized, is there still use to calling any particular phrase or policy racist?
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