I hate it. I simply cannot stand it. Does anyone know how to actually disable this feature? The following code does NOT work on macOS Sierra:
defaults write com.apple.driver.AppleBluetoothMultitouch.mouse MouseHorizontalScroll -bool NO
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You can use MagicPrefs to disable it. After installing it, you can open its Preference Pane in System Preferences and click "Configure Scrolling". Note that to completely disable horizontal scrolling, you also need to disable diagonal scrolling. You can choose to disable it for one or two or three finger scrolling.
You can use the Scroll app to disable horizontal scroll. You can also specify a space on the bottom half of the mouse that allows horizontal scroll, and configure horizontal scroll to be enabled/disabled based on the frontmost app (using the menu bar in the app). Disclaimer: I'm the developer and the app is not free.
Alternatively, you can use the Multitouch app to disable horizontal scroll. Currently, this will disable horizontal scroll for all devices. Disclaimer: I'm the developer of the app, and the app is not free.