Plain English Meaning
Resetting the trim so the aircraft holds its new attitude on its own, without you having to keep pushing or pulling on the controls.
Full Definition
The act of readjusting an aircraft's trim setting after a change in airspeed, power, configuration, or load so that the aircraft once again maintains the desired attitude with minimal or no control pressure from the pilot.
Context Anchor
Seen in flight control and trim tab discussions, and used in flight after changes such as leveling off, changing power, or changing speed.
Derivation
The prefix 're-' means 'again.' So retrimming simply means again — adjusting the trim a second (or third, or fourth) time as change.