From what I can see in your photo, the fiberglass isn't "out from under" the molding trim, rather it's "slid over slightly, but is still under the molding". I'd start by removing the screw cover vinyl trim insert from the molding, check the screws under the insert to make sure they're tight. While checking them, look carefully for any signs of rust around each screw. If you see any, that screw is "being kept wet" causing the rust. I'd remove that screw, apply sealant to the hole and reinstall a new screw. Make a mental note (or better yet, use a sharpie to mark that screw so next time you remove the vinyl insert, you'll know which screws were a problem "last time)....
As for the shifted fiberglass, I wouldn't worry too much about a 1/8" movement. Just towing the trailer will cause flexing which could be the reason for that kind of movement. Check the molding, check the screws and then "just keep an eye on it"....
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John
2015 F250 6.7l 4x4
2014 Cougar X Lite 27RKS
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