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If I’m reading it correctly, this authorizes Pompeo to declare ANTIFA a terrorist organization. Is that how you read it?

Yes indeed. And not only that, the wording at the intro would also include MS13 and others. Here's the part you are referring to though:

(a) The Secretary of State shall, in consultation with the Attorney General and the Secretary of Homeland Security, review information received from the Department of Justice and other authorities to assess whether to classify Antifa as a terrorist organization under section 1182(a)(3)(B)(vi) of title 8, United States Code.

(b) The Secretary of State shall take all appropriate steps, in consultation with the Attorney General and the Secretary of Homeland Security, to consider listing Antifa in 9 FAM 302.5-4(B)(2)(U) Aliens Who Are Members of an Identified Criminal Organization.