In a vacuum, either the beard or the caravans would have been kind of a shaky casus belli. But the beard in response for demanding an explanation for the caravans would never have ended in anything but war. If a foreign ambassador arrives with proof that your people are attacking their people, there's not a lot of middle ground to be had. You either disavow or you're at war. Caledor II choosing not to disavow Malekith and the Druchii made war almost inevitable, but humiliating the ambassador made it utterly unavoidable. There's only two interpretations that could be taken from that: either the Asur were attacking Dwarven caravans as a part of Ulthuan's foreign policy and shaving the Ambassador was the cherry on top of Ulthuan's declaration of war, or that Ulthuan believes Dwarven lives have no value and so saw no problem with Elves killing Dwarves for profit and so the Ambassador demanding an explanation for it was an insult to be repaid in kind.
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