The present invention is directed to an adjustable trailer hitch that provides a suspended connection between a tow vehicle and an attached trailer. The hitch includes a support member that is adapted to be attached to a tow vehicle and a frame having first and second pivots for pivotally support a hitch plate, which is operative to connect to a trailer (e.g., engage a trailer pin). A first air spring has a first end fixedly connected to the support member and a second end fixedly connected to the frame. The air spring permits relative movement between the support member and the frame as well as transmitting towing forces therebetween. The air spring provides a pliable connection that at least partially mechanically isolates the trailer and the vehicle from each other. Instead of acting as a single unit, the vehicle and the trailer act at least partially independently of each other.