Get a squealing noise from the water pump /power steering belt areas
whenever I trim up or down. What I noticed is that it does not squeal
when trailered out of the water just trimming off the battery.. If I
muff it with engine running I get the squeal when trimming, ...

If the noise is coming from a slipping belt, then of course the motor has to
be running to do that. When you activate the trim pump motor it adds extra
load to the batteries and the alternator has to run harder to maintain the
voltage level of the system. When the alternator has more load on it the
belt may slip some. Check to see if the belts are tightened enough, but not
too tight.
If your squealing noise is coming from the trim cylinders, try coating the
extender rods with something like trim fluid to see if that helps.