Step 1: The magnetic field due to a long current-carrying conductor acts perpendicular to the plane of the square loop.
Step 2: Since the current in the square loop is perpendicular to the magnetic field, the loop will experience a torque that will attempt to align the loop with the magnetic field, which is directed downward.
Final Answer:
\[
\boxed{\text{a net torque acting downward normal to the horizontal plane}}
\]