Racism is a term that's become so overused, it doesn't mean anything anymore.
Let's set aside for a moment the issues of whether Trump is right that the court rulings were unfair, or whether they were motivated by the ethnic background of the judge.
What is the actual allegation that Trump's is making? It goes like this. Trump has said he will take action to prevent further illegal aliens entering the country from Mexico. Trump has said he will take steps to quickly deport illegal aliens (who he identifies as mostly from Mexico). Trump has said that many of the illegal aliens from Mexico are not good people (rapists, etc.). Has this upset many Mexicans living in the US? It would appear unequivocally so. Is it reasonable to believe that many Mexicans living in the US might be so upset with Trump that they would like Trump to suffer some hardship and/or not be elected president? Of course it is. Is it likely that a judge with Mexican parents and who belonged to a legal association whose purpose was to advocate for Latino American issues would be aware of Trump's positions and would at least be aware of how others in the Mexican American community feel about those positions? Of course.
Trump has concluded, rightly or wrongly, based on legal advice or otherwise, that he has received inexplicable rulings from this judge. Is it irrational for him to think that these rulings might be a product of how the judge might feel about Trump's platform? No, it is not irrational to think that there could be some connection.
To be clear, Trump's suspicions are not equivalent to fact. He may be wrong about any element of what is happening, including whether the legal rulings are aberrant and/or whether the judge harbours any ill will towards him.
However, the essence of what is going on here is not racism. Trump is not suggesting that no Mexican America judge is capable of either supporting his views, or at least being capable of ensuring that his opposition to Trump's views would not affect his judgment. Trump is suggesting that this judge may be allowing his background to influence his judgment. Such things do happen in courtrooms from time to time, and that's why motions for recusal (and appeal procedures) exist in the law. Trump might be incorrect in this case to suggest that this judge has acted improperly, but he is not suggesting that every Mexican American judge would do so based on some racial or ethnic characteristic.
Further, Trump's character criticisms of illegal aliens are just that - his assessment of the sort of person who enters the US illegally, not an assessment of the character of Mexicans in general. In fact, he's been quick to add that he "loves" Mexicans in general, and respects the way that Mexican leaders have got the better of US political leaders. He has not ascribed any general characteristics to Mexicans in general, or to latinos. In short, this is not racism.
It would be more accurate to criticise Trump's judgment in: a) concluding that the court ruling were wrong, or b) concluding that the judge must be acting on some personal bias. He hasn't laid out the incontrovertible support for either.
However, the Dems, the GOP establishment, and the media don't want to paint the story that way. It just doesn't resonate the way that a charge of "racism" does. However, as a result of this story, and many more like it, the term racism has become devoid of meaning.
The only issue here is whether Trump is right/is showing good judgement in voicing his suspicions, and frankly that isn't a very important issue in relation to the election.