I would sand it if it is very flaky rust and then apply a generous dose of WD-40 (lock and turning mechanism). If it's just rust looking and not flaky, just apply the WD-40.
CLR won't completely get rid of the rust, but might help a little. (ie, you won't have shiny metal again). If you do use CLR, rinse thoroughly and use a generous helping of WD-40 afterwards.
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