Germans and Frenchmen are also two different ethnic groups. That means if a German says "Stupid Frenchman" he is racist? You're welcome.
Yes, the German would be called a racist as he can not be a culturist or an ethnicist. What would you call it? Look at it this way, "Beaner" is a racial slur used against Meixans, but Mexicans are not a race. Ask yourself, why is it seen as a racial slur?