%= gets changed to ^ in a double quoted string

Hi,

I've found an error while executing the Visual Studio VsDevCmd.bat on TCC LE 14.00.9 x64 Windows 10 [Version 6.3.19041].

The error happens while executing a line like this:

set "%__NORMALIZE_VAR%=%__NORMALIZE_VAR_CONTENT:~0,-1%"

But it can be easily reproduced just typing this command

echo "%os%=xx"

and noting that the %= character combinations gets replaced by the ^ character, thus echoing something like

"Windows_NT^xx"

Note also that the problem...

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