I'm not saying it isn't xenophobic and pandering to a nationalist base but it seems like a stretch to call "America First" fascist, especially when the phrase is generally accompanied by (dubious) accusations that the opposing party failed to prioritize the needs of the people. I could see the argument that the slogan was perhaps used as a tool to further fascist policies but "America First" represents fascism about as much as the Che Guervarra hats that Hot Topic used to sell represented communism.
It's not the phrase "America First" on its own, but its history of use.
"While the America First Committee had a variety of supporters in the United States, 'the movement was marred by anti-Semitic and pro-fascist rhetoric.'"
And again, this is another example where they could have literally picked anything else... but they didn't. When pressed about its history Trump literally backed up the phrase's use by stating "I like the expression."
It's isolationist, nationalistic, xenophobic nonsense with a tinge of antisemitism. It's been denounced by multiple jewish scholars and the Anti-defamation league.