Yikes! Y-yellow Pupperil?!

As I recall, a propaganda catch phrase of the post WW2 era was "Beware of the Yellow Peril' which was (I suppose?) a bit of cold war anti-communist sloganeering aimed at the then great unknown... China.

Today... judging by some of the social media squawks arising from Clive Palmer's launch of his P.U.P. campaign ahead of the up-coming Victorian state election...  that same slogan may confuse our Chinese friends into thinking the hub-bub is aimed at the imminent announcement of the long awaited Australia-China trade agreement?