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Recently in the news there's been some kerfuffle about a verbal exchange between CNN anchorman, Chris Cuomo, and a person who called him “Fredo”. In the cell-phone video, the man claims

I thought that was who you were

Cuomo responds that his name is Chris and he works for CNN. He then explains why he is offended by the term “Fredo" and why it is insulting for Italian-Americans.

Only punk-ass bitches from the right call me Fredo.

Fredo is from The Godfather. He was a weak brother. And they're using it as an Italian aspersion. […]

[“Fredo“] is like the n-word for us.

During the argument, Cuomo's anger escalates and in the ensuing expletive-ridden tirade, he threatens to use physical violence. The man repeatedly but calmly (probably seeking to bait Cuomo) interjects

I thought that was your name

Many reports clarify that "Fredo" does not carry the same cultural baggage or level of hostility as the n-word. Italians were neither enslaved nor victims of a systematic genocide in the US or in Europe. I am unaware if this term is considered a slur in the UK, I suspect it isn't, it seems to be exclusively American English. Hannah Gold for The Cut writes

…the term “Fredo” has become a cultural short-hand for “incompetent, cowardly, large adult son.”

In fact, online it has been suggested that Chris Cuomo may have an inferiority complex. His elder brother, Andrew Cuomo, has been governor of New York since 2011. And their father, Mario Cuomo, served eleven years as governor of New York.

Unfortunately, the President of the USA decided to stoke things further by tweeting the following

  I thought Chris was Fredo also. The Truth hurts.

  Totally lost it! Low ratings at CNN

In another Tweet, he added

Would Chris Cuomo be given a Red Flag for his recent rant? Filthy language and a total loss of control. He shouldn't be allowed to have any weapon. He's nuts!

• What did the POTUS mean by saying he thought Chris was Fredo also?

Did he think the CNN news anchor was called Fredo? Was he insinuating that Cuomo was weak and less intelligent than his elder brother? Was the President indirectly insulting Italian Americans? Was he insinuating that the family Cuomo had Mafia connections?

• When did calling someone “Fredo” become an insult? Is it considered racist in the US?

In my estimation, it all amounts to a hostile outburst by an angry man. Nothing worth parsing word-for-word.

[“Fredo“] is like the n-word for us.

That's a gross exaggeration. The N-word is used to dehumanize, ridicule and oppress black people. "Fredo" just means the dumb brother.

Cuomo is also being a bit hypocritical having, in jest, applied the term to himself in the past.

Chris Cuomo once referred to himself as ‘Fredo’ in radio interview:

HOST: “There is a group of people — politicos — who always hint they might
run, but not necessarily plunge all the way, and they are members of
la Cuomo.”

CUOMO: “Who am I, then, Fredo?” Cuomo asked in response.

HOST: “Yes, exactly,” Sliwa said. “So you better be careful that your
brother Andrew doesn’t kiss you on both cheeks and then all of a
sudden they take you out on the middle of the lake and where’s Chris?”

CUOMO: “He kisses me plenty because he’s a great big brother,” Cuomo said.

Who knows what motivated his outburst, but one thing's for sure, "Fredo" can be insulting, but not nearly as bad as it gets. Nothing close to the N-word.

Trump was re-tweeting a late-night comic who is allowed to be funny.

In The Godfather (1972) John Cazale plays the brother Fredo. He eventually takes issue with the way he is treated as the less intelligent gopher, worker bee, by everyone in the organization. The name has taken on this role in popular culture.

The man using "Fredo" as the name professed that he really thought that was Mr. Cuomo's name. I imagine this is what infuriated Mr. Cuomo even more.

There are currently several montages of people in public forums using this term all over the news from some years ago up until recently. It has become the latest offense for which to take umbrage, first or second hand, when there is nothing else worth reporting.

I don't think it's "Fredo" specifically that's the insult. Calling someone by a name that's stereotypically associated with their ethnicity is likely to be viewed as racism. So he would have a similar problem if he called him "Luigi" ("Mario" might work for others, but not him, because that's his father's and son's actual names), called an Arab "Muhammed", or called a Mexican "Juan". This type of name-calling conflates all members of the ethnicity, which is practically the definition of racism, although I don't think it's considered as bad as using terms related to stereotyped activities (e.g. "spear-chucker" for black men).

However, Fredo may be insulting in multiple ways. Not only is it a stereotypical name, but it's also a weak character in a movie that emphasizes another stereotype, that Italian-Americans are gangsters.

However, I don't think it's an established, idiomatic insult like the N-word.