No - Ridicule them for their use of racism. Don’t call them that racist back. Did the leftists call us communists when we called them communists? No, they made fun of us for calling them communists but only after we over used it as a tactic.
If someone calls you a racist, ask them why. Are they calling you a racist because of your color/religion/economic makeup? Are you calling me a racist because I am a Catholic? Why do you hate Catholics so much? Are you calling me a racist because I am white? Why do you hate whites so much? Is it just pure hate or are you a racist? They did not call us communists because we were not. I am a capitalist, I cannot be a communist. I can be a racist and call you a racist though. The first is mutually exclusive, the second is not.