The President could command the armed forces without statutory limits. The Writ of Habeas Corpus could be suspended at any time, even without rebellion or invasion. Congress would no longer have exclusive legislative control over Washington, D.C. or military installations.
The executive could spend from the Treasury without congressional approval. The executive branch could favour certain ports or states in commerce, allowing economic favouritism, punishing or rewarding states.
The federal government might override state-level agreements without needing to respect boundaries. Congress would lose its broad enabling clause to legislate on powers not explicitly listed elsewhere.
The funny part: this means that states could create their own militaries, treaties, or currencies. So in theory that would grant the power for a far-more-independent California state that would have an easier time seceding.
Also issue letters of marque!
This is getting mentioned like it would be some downside in the traditional red vs blue paradigm, but if you view this through the lens where this administration is working to break up the United States, it's right on brand.
Any such military development would also serve as grounds for escalation, and as we've already seen the actual laws don't matter but rather it's all about how they can manage public opinion through sensationalist trolling. California delenda est has been a rallying cry for decades now, so I wouldn't assume one instance of the National Guard being deployed against the People is going to be the end of it.
(= I can't easily rationalize a view that doesn't see the current state as exceptional.)