The article by the Wisconsin Department of Natural Resources: https://dnr.wi.gov/news/releases/article/?id=4513
According to the DNR article, the non consumed water will be returned:
> As part of the diversion approval, the city of Racine must ensure that the diverted water is returned to Lake Michigan minus consumptive use such as evaporation. The water returned to Lake Michigan will be treated at the Racine Wastewater Treatment Plant to meet all applicable state and federal water quality discharge standards. Any industrial customers, such as Foxconn, will work with the City of Racine to meet pretreatment requirements for wastewater.
It's not immediately clear how much of that water will be returned, but at least it won't be consuming 7M gallons daily. I'm not sure what impacts this might have, and neither article really goes into it.