This confuses the notion of a people with that of a state, and supposes that the sum of the people (or their majority) back the practices of the state.

Boycotting a 'Made in X' market is not inherently racist, as it doesn't ascribe value judgments to the people of X. Instead, it promotes a bias towards one economy rather than another, for the purpose of relocating profit rather than because of ideological concerns.

So, if we do see an equation of 'Boycott Made in X' with racism against X, then that will probably be reverse (State of X-run?) propaganda.

This is already the case.