Mexico braced for the worst when President Trump threatened steep tariffs on its exports. But as a deadline looms, Mexico’s leaders hope they have found a formula for staving off tariffs by moving decisively on several fronts to appease Mr. Trump.

Focusing on Mr. Trump’s complaints over migration and illicit drugs, President Claudia Sheinbaum is deploying 10,000 troops to deter migrants from reaching the United States, building on efforts to break up migrant caravans and busing migrants to places far from the border.

Ms. Sheinbaum is also handing over to the United States dozens of top cartel operatives and accepting intelligence from C.I.A. drone flights to capture others. Breaking with her predecessor, who falsely claimed that Mexico did not manufacture fentanyl, she is unleashing a crackdown resulting in record seizures of the drug.

At the same time, Mexico’s leaders are imposing their own tariffs and restrictions on a wide range of Chinese imports, seeking to persuade Mr. Trump that Mexico, and its low-cost industrial base, can be a strategic partner to blunt China’s economic sway.

Mr. Trump is still vowing to impose 25 percent tariffs on Tuesday. But Mexico’s financial markets remain calm, reflecting expectations in the country’s business establishment that Ms. Sheinbaum can find a way to strike a deal.

“The way she’s been able to manage this crisis has been far superior than any other leader,” said Diego Marroquín Bitar, a scholar who specializes in North American trade at the Wilson Center, a Washington research group.