Clean off the rust with steel wool, rinse in clean water, then spray with WD40. If you keep a bucket of coarse sand laced with motor oil in your tool shed, you can keep your tools clean and sharp by thrusting them into the bucket after every use before hanging or storing. Or keep an oily rag handy for wiping down hand tools and pruners after each use. And always store tools in a waterproof enclosure - tool shed, garage, storage bin, etc.

Common paste wax works on metal. Also Spray silicone. Few things eat rust without being a stronger acid, but I have found a spray lubricant called Break Free ( A CLP or cleaner, lubricant and preservative in the sporting goods section) that will remove rust over time. Also there is a clear spray paint called One Step that converts the rust to the black inert form of iron oxide, but usually that is a priming before paint step, though I just spray it straight and let dry sometimes.