Of course it is. At it's most basic level, racism is prejudice/discrimination agaisnt someone because of how they look in terms of skin colour, nationality etc. Anyone who is like that is being racist.
The arguments about power structures etc are related to societal racism, which is as much to do with economics, class and politics. See Only a Pawn in the Game by Bob Dylan if you want the best description of working class racism. I say that as a white boy, but class is still the thing we need break before anything else.