The error message says it all: your connection timed out. This means your request did not get a response within some (default) timeframe. The reasons that no response was received is likely to be one of:
a) The IP/domain or port is incorrect
b) The IP/domain or port (i.e service) is down
c) The IP/domain is taking longer than your default timeout to respond
d) You have a firewall that is blocking requests or responses on whatever port you are using
e) You have a firewall that is blocking requests to that particular host
f) Your internet access is down
g) Your live-server is down i.e in case of "rest-API call".
Note that firewalls and port or IP blocking may be in place by your ISP