The US death rate didn't appreciably increase (~3 per 100k) in 2017 vs. 2016[1] and has generally been improving. That's about 10k extra deaths, not 400k, like the paper says (because the paper's usage of that term is very different than The Economist's!)
https://www.cdc.gov/nchs/data-visualization/mortality-trends...
But that's exactly what the paper shows. It's reasonable to ask the question why was the difference in deaths far greater in 2017 than in the surrounding years and why was the mean age of the persons excessively dying so relatively young? There most likely are structural differences causing excess US deaths, but the claim that those structural differences caused a huge relative spike in one year for no particular reason isn't very satisfying.
"Applying European age-specific death rates in 2017 to the US population, we then show that adverse mortality conditions in the United States resulted in 400,700 excess deaths that year."
To paraphrase: on average in 2017, US people died more than the equivalent people in some bit of Europe.
No great event happened.
Perhaps that was worldwide?