After the Spanish–American War, Spain and the United States signed the 1898 Treaty of Paris, by which Spain ceded Puerto Rico, the Philippines, and Guam to the United States for the sum of $20 million (equivalent to $610 million in 2019).[9] Cuba gained formal independence from the U.S. on May 20, 1902, as the Republic of Cuba.[10] Under Cuba's new constitution, the U.S. retained the right to intervene in Cuban affairs and to supervise its finances and foreign relations.