NO- I love you!!!
My son and I (he's four) have been doing this since he starting speaking. One of us will say "I love you"- and the other one will say "No- I love YOU", and it will go back and forth until my son is sying "I love love love....(which sounds like la la la b/c he's talking so fast) YOU!!!". Usually it doesn't stop until I say "ok- you love me"