By reducing the wheel torque according to the control signal. The slip is usually computed from the driven/undriven wheel speeds. Сontrol algorithms vary. It's not hard to find detailed derivations.
The basic idea is that, based on the wheel speed sensor and vehicle speed info, the wheel slip ratio is real time calculated and compared with the pre-determined slip ratio. When one or more wheels spinning is detected. i.e., the traction is lost, the traction control system is activated and braking via ABS system is applied to the spinning wheel to reduce the traction torque. Many control methods have been used for traction control system. You can google it and get more info about it.