It is fairly easy to argue that this specific term has already fallen off the euphemism treadmill, there is even a paragraph on the
relevant wiki:
Another example in American English is the replacement of "
colored people" with "
Negro" (euphemism by foreign language), which itself came to be replaced by either "African American" or "Black". Also in the United States the term "ethnic minorities" in the 2010s has been replaced by "
people of color".
I'm not arguing that anyone here needs to drop "negro" though, because I do not accept that this sort of linguistic treadmill is actually helpful or healthful, though it does seem to be inevitable.