Slang invented by GIs during the Korean War and later popularized by Hollywood as a slang used by Asians and Asian Americans to describe the "white man" or Americans of European racial background. The claim that Asians or Asian Americans use this slang to refer to "white" folks is completely without merit. This slang is primarily used by White Americans and never by Asian Americans.
Hey, I bet those Asian girls will go out with us round eyes.
n. Pejorative term for persons of the Caucasian race, purportedly in use among Asians. Refers to the racial difference in facial musculature that gives the eyes of Asians a more "squinty" aspect ratio than those of Caucasians. According to the stereotype, the roundeye is unintelligent, uneducated, and lazy.
"Chinese, we good at quantum physics. Roundeye, he not so good..."