It's currently being investigated. The likely sequence will be that Cohen will be charged first and then the odds of Trump being charged escalate, especially if Cohen flips, which most top legal minds have said is almost guaranteed to happen. Trump might not be criminally charged, but the odds of impeachment and resignation or removal go up exponentially. Especially if fellow Republicans continue to grow sick of him, prefer Pence, and see him as a liability in midterms and other elections. But none of this is going to happen overnight.