PARIS ― Billionaire Bernard Arnault has no intention of listening to French President Emmanuel Macron’s call to suspend investments in the United States.

“I think it’s very bad for the state to meddle in the management of private companies. It usually leads to disaster,” the LVMH boss told French senators during a hearing Wednesday evening. “I don’t think it’s a good idea to take advice like that, wherever it comes from.”

Arnault’s comments came in response to a question on Macron’s call to freeze investment in the U.S. shortly after President Donald Trump hit the European Union with 20 percent across-the-board tariffs. Trump quickly suspended the duties for 90 days to give the two sides time to negotiate.

Arnault stressed that his companies had been operating in the United States since the 1980s and that there was no reason to stop its overseas expansion as it is proving to be “an advantage” in the face of Trump’s tariffs.

Though Arnault and Macron have enjoyed a close relationship during the French president’s tenure, the luxury tycoon is also an unabashed fan of the U.S. leader. After attending his inauguration in January, Arnault has repeatedly praised Trump’s economic policies and threatened to move production across the Atlantic.

Other French luxury giants like Hermes and the Kering group, which owns brands like Gucci and Yves Saint Laurent, said they have no intention to invest in the U.S. in reaction to tariffs.

Kering CEO François-Henry Pinault told French senators last week that “it would make no sense to have Italian Gucci bags made in Texas,” a clear shot at the LVMH factory opened there during Trump’s first term.

Arnault hit back during his Senate appearance, noting that Kering’s sales in the U.S. were dropping while LVMH’s were going up.

As Brussels has been attempting to negotiate a trade deal with Trump’s administration, Arnault has accused the European Commission of lacking flexibility — something he reiterated on Wednesday.

“I am not sure this negotiation is conducted as it should on the European side,” Arnault said, criticizing Brussels for threatening retaliatory tariffs and “brandishing ultimatums.”

Arnault also said that the threat of tariffs from both China and the U.S. could be fatal for the cognac sector, which could hit LVMH hard as it owns Hennessy.