Asians and Asian Americans in the USA have long been a part of a contentious racial history, yet the COVID-19 pandemic highlighted discriminatory stereotypes and beliefs. As revealed through this discourse analysis, Asian international students were simultaneously positioned as scapegoats, bearers of disease, cash cows, and political pawns, all within the context of the pandemic. Asian international students navigated their shifting social positionings within a national context that was heavily influenced by racist nativism. Findings indicated that during a health pandemic, Asian international students were positioned as both the Yellow Peril and cash cows within U.S. higher education.