For steel, blasting is the best for heavy rust as it gets the smallest bits of rust out of the metal. If there is just light surface rust, wire brushing with a right angle grinder and sanding with DA, followed by an acid etch will result in a pretty good paint job.
For acid etching: I started with Martin-Senour auto body products, expensive but very effective. As my needs increased and economy became important, I started using liquid water softener treatment, a handy source of phosphoric acid and 1/3 the price. Now, I stop by my local reuse and recycle center and pick up cast off dehumidifier descaler and any other phosphoric acid in a bottle, for free. After mechanical rust removal, the acid is applied to the metal and allowed to work overnight. A very dilute mixture of acid and water is brushed for the first rinse. Water is then used for a final rinse. You could always break out the wife's CLR tile cleaner and try a few experiments, it is also PHO4 based (unless they've nerfed it).
I highly recommend Sherwin-Williams DTM Industrial primer for trailers. It has excellent bond and barrier characteristics.