Talk straight with your team, be raw and empathetic. If you try to hide and spin the truth, you are just going to lose credibility.
You should also be detailed in your communication because anything that you don't talk about will be filled with the worst version of people's imagination.
Outline your decision criteria and your options in the context of what's happening. Explain the cause and effect of how your business will react to external events.
If you are on a Titanic that is hitting the iceberg, there is no point in pretending that you are not going to crash. The worst thing you can do during an external crisis is to communicate poorly and to create an additional internal crisis.