Donald Trump's reelection campaign raised $5million in just 24 hours after Nancy Pelosi launched an impeachment inquiry against the President, it is claimed.

Brad Parscale, Trump's 2020 campaign manager, said the campaign and Republican party had received the money in small-scale donations from all 50 states following Pelosi's announcement.

Meanwhile two corporate fundraisers in New York on Wednesday night and Thursday were due to rake in another $8million making the total $13million in just 72 hours.

Brad Parscale, Trump's 2020 campaign manager, bragged that $5million had been donated following the announcement of an impeachment inquiry into the President

Parscale's announcement came ahead of two Trump fundraisers in New York which were due to raise another $8million, making a total of $13million in just 72 hours

The fundraiser totals were reported by Bloomberg, off the back of tips from anonymous campaign aides.

Pelosi announced the start of an impeachment inquiry Tuesday after it emerged that Trump had asked Ukraine's newly-elected president to investigate political rival Joe Biden during a phone-call.

Pelosi had long opposed impeachment proceedings against Trump, saying he was 'goading' the Democrats into it in order to rally his supporters.

But she reversed that stance Tuesday, under pressure from the progressive wing of her party, and launched the inquiry - the first step towards full impeachment proceedings.

On Wednesday the White House released a transcript of Trump's phone call with Zelensky, showing that he did indeed ask for information relating to an investigation into a gas company that Hunter Biden was once a senior executive of.

Donald Trump has repeatedly decried Democrat attempts to oust him from office as a 'witch hunt' and used it to fire up crowds at his rallies

Pelosi, who has long-opposed impeachment, appeared to reverse her stance Tuesday when she announced the start of an inquiry based on a call Trump had with Ukraine's President

Joe Biden, then Secretary of State in the Obama administration, put pressure on Ukraine to fire a prosecutor looking into the case along with other world governments.

'There's a lot of talk about Biden's son, that Biden stopped the prosecution and a lot of people want to find out about that so whatever you can do with the Attorney General would be great,' Trump told Zelensky.

The US President is accused of withholding around $400million in military aid to Ukraine ahead of the call, on the understanding that it would be released when the investigation was launched.

The transcript does not explicitly tie the Biden probe to aid payments.

However, Serhiy Leshchenko, an adviser to Zelensky, said the probe was understood to be a 'precondition' of getting Trump to talk with his Ukrainian counterpart.

He said the country's struggling administration was eager to speak with the Trump White House about securing military aid after Zelensky took office in the spring.

Ukrainian officials quickly developed an understanding that any correspondence between the two presidents hinged on a discussion about digging up dirt on Trump's rival, according to Leshchenko.

'It was clear that Trump will only have communications if they will discuss the Biden case,' he said.

Trump is accused of withholding military aid to Ukraine until he could secure a promise from new leader Volodymyr Zelensky (left) that he would investigate rival Joe Biden

'This issue was raised many times. I know that Ukrainian officials understood.'

Democrats in favour of impeachment are seeking to argue that asking a foreign power to investigate a political rival in return for aid money constitutes a breach of Trump's Oath of Office.

While some Republicans are urging further investigating into the matter, others argue that investigating corruption on Capitol Hill is not a crime.

For his part, Donald Trump has come out swinging against his critics, reprising his adage that was repeated during the Russian collusion investigation, saying it is 'the biggest witch hunt in history'.

He defended the 'very nice call' at a news conference on Wednesday and repeatedly attacked Democrats and the 'dishonest' media, who he claims are obsessed over the 'witch hunt'.

'Impeachment for that?' Trump asked incredulously as he vowed 'transparency' and said he will likely release a transcript of his additional call with Zelensky.

He said when people look at the information he ordered released, 'It's a joke.'

Trump referenced an earlier congratulatory call with Zelensky, who was elected this spring, as well as Vice President Mike Pence's interactions with Ukraine.

'That was the second conversation. I think you should ask for the first conversation also,' he said. 'I can't believe they haven't.'

'You can have it any time you need it' he said at one point.