Shrink log file after configuring backups properly

I had a database that was working in FULL recovery mode but never had transaction log backups done.

The consequence of that was the fact that the log file kept growing and now its 10 GB in size.

I configured scheduled backups for this database (full + differential + log) and now log % space used is around 1%.

I want to shrink the 10GB file to a sensible size (maybe 200MB with autogrow 5 MB?).

How can I do it and what are the consequences of shrinking the file?