It looks bad but perhaps Trump will be able to brush this one up. But just to be clear: Trump Jr. has released emails himself, in which he openly suggested that he "loved" the idea that there was incriminating information to be made available to Trump about Clinton, and that he and Kushner went to a meeting set up with that in mind.
Doesn't matter if the meeting turned out to be a dud. He clearly was interested enough to go along on the off-chance. Even if it were a Sting Operation only it looks bad. Really, really bad.