President Donald Trump announced an $8 billion aid package Monday (October 19) to help American farmers offset soaring diesel costs during this year's harvest season.

The president unveiled the "Harvest Fuel Relief Program" during a midterm election rally in Kansas, just two weeks before voters head to the polls. According to Farm and Dairy, the U.S. Department of Agriculture will provide one-time payments to farmers experiencing temporary market disruptions and increased input costs.

"Tonight, I am also pleased to announce that the Department of Agriculture will be launching a new 'Harvest Fuel Relief Program,' providing our Farmers with 8 BILLION DOLLARS in support to offset Diesel costs during this Harvest Season," President Trump posted on Truth Social, according to Yahoo Finance.

Diesel prices peaked at just over $6.50 per gallon in mid-September as fall harvest operations ramped up nationwide. The price surge stems from disruptions in global fuel supplies tied to the U.S.-Iran conflict and Russia's war in Ukraine, Farm and Dairy reported. Fertilizer costs have also soared this year after the Middle East conflict disrupted one-third of the world's supply that normally flowed through the Strait of Hormuz.

The relief program resembles the Farmer Bridge Assistance program that distributed $12 billion in one-time payments to more than 560,000 farmers earlier this year. The payment formula will be based on Farm Service Agency-reported planted acres, Economic Research Service cost of production estimates, and World Agricultural Supply and Demand Estimates yields and prices.

Commodity-specific payment rates for Title I commodities will be released in November. Producers of non-Title I commodities, including specialty crop growers and fishermen, are encouraged to provide data related to increased fuel costs to HarvestFuel@usda.gov for consideration when determining payment rates. Pre-filled applications will be available online to producers with a Login.gov account linked to USDA.

Farm groups praised the new program while expressing broader concerns about the agricultural economy. "While this relief is welcome, high fuel prices and other input costs continue to squeeze farm margins and threaten the viability of family farms," said Sam Kieffer, CEO of the National Association of Wheat Growers, Farm and Dairy noted.

The aid package arrives as Republicans face challenging midterm races in several farm-heavy states. CNN reported that current polling projects close Senate races or even Democratic victories in many states President Trump easily won in the last three presidential elections, including Iowa, Kansas, Ohio and Texas. Kansas, which has not elected a Democratic senator since 1932, is seen as too close to call in a race between Sen. Roger Marshall and Democrat Adam Hamilton.

President Trump credited Sen. Marshall with helping to get the farm aid package in place at Monday night's rally. "We love our farmers," President Trump told the crowd, according to CNN.

The president promised additional assistance if Republicans maintain control of Congress. "When Republicans win, we will pass even more funding for our Great Farmers, and Fuel prices will come tumbling down as soon as the Iran War is over, which will happen very quickly," President Trump posted on Truth Social, Yahoo Finance reported.

This is not the first attempt by the administration to address historically high fuel costs affecting farmers. Earlier this month, President Trump signed an executive order to temporarily allow untaxed off-road diesel for highway use. The order specifically deferred the 24.4-cent-per-gallon federal excise tax on diesel fuel, but did not change state rules that ban the highway use of off-road diesel.

President Trump also announced last week that he struck a deal with Russian President Vladimir Putin to import Russian diesel to the U.S., going against sanctions passed by Congress in 2022, Farm and Dairy reported.

The Herd with Colin Cowherd