I suggest first conducting a realistic appraisal of how soon you may feel impacts and how negative they may be. That can guide your response, both personally and for your team. Then, assess the weight these impacts can have on your team and your responsibilities in the organization. Are there actions you can take now to minimize potential damage? Are your plans and deadlines achievable in this downturn?
Communicate with upper management as well as your team. Acknowledge the truth of it, as well as the uncertainties you are operating under. Discuss how you will all navigate these times and thrive as best you can. Think personally as well as organizationally, realizing everyone is personally impacted. Provide leadership for your team and give yourself what you need to do so. Storms can be weathered with preparation, realism, and a captain at the helm.