The significant global event characterized by the rivalry between the U.S. and the USSR is the Cold War. This period, spanning approximately from 1947 to 1991, was marked by political tension, military competition, and ideological conflict. The Cold War involved proxy wars, nuclear arms races, and significant cultural influences. Both superpowers sought to expand their spheres of influence, leading to divisions globally. The conflict primarily revolved around the spread of communism versus capitalism and democracy, impacting international relations and shaping the modern world.