There are numerous ways to remove rust, oxides and corrosion from just about anything. You can find out more methods on the Internet. Some methods use household cleaning products, aluminium foil and acid, and some are rotary tool attachments for an easy, quick and mess-free removal of rust.
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Following are some of the methods you can try:
1. Fiberwheels. Abrasive Buff Wheels
This is by far the quickest and fuss-free method of removing rust from your metal items.
Protective gear on (googles, eye mask etc)
Attach a Brown (coarse) EVE Fiber Wheel Abrasive Buff wheel into a rotary tool such as a Dremel set the speed to approximately 7,000rpm.
Gently move the abrasive across the metal and within seconds the rust is gone.
If you want to bring the metal back to its original lustre use the Black (medium) to pre-polish, followed by the Red (fine) for a final polish and to return the metal to it's original shine.
2. Salt and Lemon Juice/Vinegar
Acidic solutions such as lemon juice and vinegar, along with a little bit of salt applied to the rusted areas, are another DIY method of rust removal from your tools. Leave for a few hours then remove. The following is not a method we've tried and tested but apparently the oxalic acid in a potato will also dissolve rust away.
3. Baking Soda (Bicarbonate of Soda)
The rusted item can either be dusted with baking soda, or made into a paste with water or vinegar.
Apply to the areas and leave for an hour or so then clean off with a brush.
Mark Lovick from the Watch Repair Channel shows this method in his excellent video: Service and repair of a Rusty Valjoux 7750 based Breitling Watch.
The best way to deal with rust of course is to avoid it in the first place so keep your tools dry and out of humid and damp conditions. Tools should be regularly cleaned, oiled and maintained. Other methods to prevent rusting are protective finishes applied to steel such as Bluing (often used on small steel items for watches and clock mechanisms) powder coatings (These could be acrylic, vinyl, epoxy etc) or Galvanizing (molten zinc coating.