Earlier quoted context omitted.
No, he said “"We borrow money from Chinese peasants to buy the things those Chinese peasants make” He did not refer to all Chinese as peasants. China would like you think that though.
While it is true that Vance did not literally refer to all Chinese people as peasants, I do worry that such rhetoric will stoke the flames of racially motivated anti-Asian/anti-Chinese attacks. I don't want to discuss whether he is genuinely racist; I think that's besides the point. Words can have a lot of impact, especially when uttered by a public figure in such a powerful position. I don't think it's unreasonable…
He did carefully weigh the consequences of his words. He deliberately chose the most inflammatory and insulting of possible words. Knowingly and intentionally.