LittleInch is correct, it is the mechanism to move the brake shoe's to the "on" position when activated by the hydraulic cylinder and of again when the cylinder is deactivated. Simple but effective for an agricultural trailer and not all that different from what you would find on heavy motor vehicles. For your interest it is not "connected" to the wheel / axle - but will be suspended from the axle and supported by the backing plate forming part of the brake system.
It is a capital mistake to theorise before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to suit facts. (Sherlock Holmes - A Scandal in Bohemia.)