Trump has already raised $88 million for his re-election bid in 2020

Trump's campaign committee, combined with two joint committees -- Trump Victory and Trump Make America Great Again -- ended last month with nearly $53.6 mn in the bank.

President Trump has raised more than $88 million for his re-election campaign over the last year and a half, giving him a dramatic head start on prospective Democratic challengers in the 2020 race.

Mr Trump's campaign committee, combined with two joint committees formed with the Republican Party, ended last month with nearly $53.6 mn in the bank — almost $10 mn more than their previous largest balance — according to finance reports filed Sunday evening with the Federal Election Commission. The totals reflect a brisk and continued fund-raising effort by Mr. Trump’s campaign operation that, in a departure from usual presidential practice, started even before he took office. Most new presidents shift their political operations to their national party committee until launching their re-election campaign after the first midterm election of their tenure.

Mr Trump's campaign and the two joint committees — Trump Victory and Trump Make America Great Again — have continued spending aggressively to cultivate donors through both online list-building targeting small donors and fund-raising events for big donors. The largest donation in the second quarter came from Andrew Beal, a Texas—based banker who once squared off against Mr Trump in a bankruptcy case. He donated $339,000 to Trump Victory.