set PTag=^<BR^> sets the value <BR> to PTag
When you run echo %PTag% it expands to echo <BR> which is an invalid redirection. You need to escape the < and > inside PTag by using this
set PTag=^^^<BR^^^>
The first ^ escapes itself, then the next one escapes < or >
You can also use this
set "PTag=^<BR^>"
Reason for the second way: inside quotes ^ loses its special meaning
If it is a quote (") toggle the quote flag, if the quote flag is active, the following special characters are no longer special: ^ & | < > ( ).
How does the Windows Command Interpreter (CMD.EXE) parse scripts?
most special characters (^ & ( ) < > | and also the standard delimiters , ; = SPACE TAB) lose their particular meaning as soon as ther are placed in between "", and the "" themselves do not become part of the variable value
Special Characters in Batch File
Now the variable will have the value ^<BR^> inside it, and it'll expand echo %PTag% to
echo ^<BR^>
which is a valid command