Not a bug, just an unfortunate choice of characters in the variable name. TCC interprets that as the variable %PROGRAMFILES, followed by the literal text "(86)". To expand the variable name you want to expand, you can use %[PROGRAMFILES(X86)] -- this makes TCC interpret everything inside the square brackets as the variable name.
Or, if you want 100% emulation of CMD variable names, you can set "CMDVariables=Yes" in your TCMD.INI. (But then you will not be able to use any TCC-style variables with a single leading %.)
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