The new borders set in 1920 by the Treaty of Trianon ceded 72% of the territory of the Kingdom of Hungary to the neighbouring states. The main beneficiaries were Romania, the newly formed states of Czechoslovakia, and the Kingdom of Serbs, Croats and Slovenes, but Austria, Poland and Italy also gained smaller territories. The areas that were allocated to neighbouring countries in total (and each of them separately) possessed a majority of non-Hungarian population, but more than 3.3 million ethnic Hungarians were left outside the new borders of Hungary. Many view this as contrary to the terms laid out by US President Woodrow Wilson's Fourteen Points, which were intended to honour the ethnic makeup of the territories. As President Wilson left the conference to emphasize his disagreement, and because the US Congress did not ratify the treaty, the United States of America and the Kingdom of Hungary signed a separate peace treaty on 29 August 1921.